Oil prices remained steady on Monday as markets balanced Saudi Arabia’s decision to cut crude prices for Asian markets against the backdrop of political upheaval in Syria. Brent crude futures saw a marginal decline of 1 cent, settling at $71.11 per barrel, while U.S. West Texas Intermediate (WTI) crude futures edged up by 1 cent to $67.21 per barrel.
Saudi Aramco, the world’s largest oil exporter, announced a reduction in its January 2025 prices for Asian buyers, marking the lowest levels since early 2021. This move reflects weaker demand from China, the world’s top oil importer, and aims to maintain market share amid a global supply surplus.
In the Middle East, Syrian rebels declared the ousting of President Bashar al-Assad, ending a five-decade-long family rule. This sudden regime change has heightened concerns about regional stability, potentially impacting oil supply routes and contributing to market uncertainty.
Additionally, the increase in U.S. oil and gas rigs suggests a potential rise in future output, which could exert downward pressure on prices. This development comes despite OPEC+’s recent decision to delay planned production increases, extending deep production cuts through the end of 2026 to support prices amid fluctuating demand.
