Saudi Arabia cuts November Arab Light OSP to Asia by $3 to $5 discount
This digest was compiled by AI from multiple sources — links to the originals are below.
Saudi Arabia cut its November official selling price for Arab Light crude to Asia by $3 a barrel to a $5 discount versus the Oman/Dubai average, the widest since June 2020. State oil company Saudi Aramco raised November prices for northwest Europe and the Mediterranean by $3 a barrel while keeping U.S. prices unchanged.
Key Facts
- Saudi Aramco set the November Arab Light OSP to Asia at a $5 per barrel discount to the Oman/Dubai average, down $3 from October.
- The $5 discount for Arab Light is the widest since June 2020, according to Reuters data.
- Saudi Aramco raised November OSPs for northwest Europe and the Mediterranean by $3 a barrel across all grades.
- Saudi Aramco kept November OSPs for the United States unchanged from October.
- OPEC+ agreed on Sunday to keep oil production targets steady for November.
Asia Price Cut
Saudi Aramco set the November Arab Light OSP to Asia at a $5 per barrel discount to the Oman/Dubai average, a $3 reduction from October. The discount is the widest since June 2020, according to Reuters data. The cut defied market expectations of a $3 per barrel hike in a Reuters survey. Saudi Aramco made deeper cuts of $5 per barrel for the heavier Arab Medium and Arab Heavy grades sold to Asia.
Other Regions
Saudi Aramco raised November OSPs for northwest Europe by $3 a barrel across all grades. The company also raised November OSPs for the Mediterranean by $3 a barrel across all grades. Saudi Aramco kept November OSPs for the United States unchanged from October.
OPEC+ Decision
Saudi Arabia and other OPEC+ members agreed on Sunday to keep oil production targets steady for November. The decision was in line with expectations that further output policy adjustments are unlikely until next year.
1 source
Time · lag behind first