EnergyGlobal

UAE cuts flagship oil price as Mideast supply rebounds

The UAE reduced the extra amount it charges buyers for its main crude grade in December. The change came soon after Saudi Arabia lowered its own prices, as a recovery in Middle East output makes buyers harder to win over.

Illustration: A large oil tanker crosses a calm sea under a giant mustard sun, seen from far away.
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The UAE reduced the extra amount it charges buyers for its main crude grade in December. The change followed a short time after Saudi Arabia, its Gulf neighbor, lowered its prices.

Supplies in the Middle East are rebounding, and producers are competing harder for market share. Lower prices can help buyers, but they also show how crowded the market has become.

Separately, a new regulation has been introduced for the heating oil market, but it does not include price controls. Some German manufacturers are fully exposed to a recent surge in gas prices.

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