From Dow Jones & Company:

Saudi Aramco announces it’s cutting crude oil prices for all regions, including Asia, in response to falling global oil prices and increased production by non-OPEC countries. The move comes after a summer rally due largely to Saudi Arabia’s decision to implement production cuts in 2023. WTI crude fell more than 21% in the fourth quarter to post a 2023 decline of 10.7%, while Brent crude dropped around 19% in the fourth quarter and lost 10.3% in 2023. Oil bounced back last week following attacks on shipping in the Red Sea. Meanwhile, U.S. oil production has topped 13 million barrels a day.



Read more: Saudis cut crude prices to all regions amid oil-price weakness