Saudi Arabia has cut the price of its flagship crude grade Arab Light loading for Asia in February, in the third consecutive monthly reduction amid ample supply and weakened Middle Eastern benchmarks. Saudi Arabia, the world’s largest crude oil exporter, lowered the official selling price (OSPs) of Arab Light by $0.30 per barrel above the average of the Oman and Dubai benchmarks, to a premium of $0.30 a barrel above the Oman/Dubai quotes. That’s down from a premium of $0.60 per barrel for the January loadings and the lowest premium…