This look brutal for oil Futures here in Easter Europe already pointing to 38 and dropping!
Price cuts for key growth market Asia were as deep as $4-$6 a barrel, likely the biggest price reduction ever, and three times more than expectations of $2 a barrel cut for flagship Arab Light grade.
"It looks like an all-out Saudi shock and awe strategy to drive up Saudi volumes and compete with Russian oil in their own backyard in Europe as well as Asia," said Tilak Doshi, a senior visiting fellow at Middle East Institute, National University Singapore.