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Saudi Arabia Cuts Arab Light Prices for Asian Buyers
Saudi Arabia has lowered the price of its Arab Light oil for buyers in Asia.
The November price is five dollars below a measure based on Oman and Dubai oil prices.
It is also three dollars cheaper than the October price.
This is the biggest discount since June 2020.
Analysts had expected the price to rise instead.
Their expected increase was as much as five dollars per barrel.
The lower price was therefore unexpected.
Saudi Aramco set Arab Light's November price for Asian buyers at $5 per barrel below the Oman-Dubai average.
The price is $3 per barrel lower than the October price.
The discount is the widest since June 2020, according to Reuters data.
Analysts surveyed by Reuters had expected a November price increase of up to $5 per barrel.
The expected increase was in line with higher Middle Eastern crude benchmarks.
- Who
- Saudi Aramco and Asian buyers of Arab Light crude.
- What
- Saudi Aramco set a November price at $5 per barrel below the Oman-Dubai average, a $3 reduction from October.
- Where
- Asian oil market.
- When
- For November; the comparison discount record dates to June 2020.
- Why
- The articles do not state Saudi Arabia's reason for cutting the price.
Actual price decision
Analysts' expectation
November Arab Light price
Actual price decision
Saudi Aramco cut the price by $3 per barrel from October, setting it $5 below the Oman-Dubai average.
Analysts' expectation
Analysts surveyed by Reuters had expected an increase of up to $5 per barrel, in line with higher Middle Eastern crude benchmarks.
Key facts
- Crude grade
- Arab Light
- Market
- Asian buyers
- November price
- $5 per barrel below the Oman-Dubai average
- Change from October
- $3 per barrel lower
- Discount record
- Widest since June 2020
- Analysts' expectation
- An increase of up to $5 per barrel
Sources
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