Near-term demand for Saudi Arabia’s oil in China is soaring after the Kingdom early this month slashed its official selling prices (OSPs) for Asia to the lowest level versus regional benchmarks in more than five years. In early February, Saudi Aramco cut the OSP of its flagship Arab Light for March loadings to parity with the Oman/Dubai average benchmark, off which the Kingdom prices its crude oil going to Asia. The cut of $0.30 per barrel, to parity with Oman/Dubai from a $0.30 a barrel premium for February, was the fourth consecutive cut…