Saudi Arabia unexpectedly cuts oil prices to Asia
USO•Saudi Arabia cut its November Arab Light price to Asia by $3 a barrel, to $5 below the Oman-Dubai average, the widest discount since June 2020. It raised prices for northwest Europe and the Mediterranean by $3 a barrel and kept U.S. prices unchanged.
1. Asia prices cut
Saudi Arabia set its November Arab Light crude price to Asia at $5 a barrel below the Oman-Dubai average, down $3 from October. The discount was the widest since June 2020. Prices for Arab Medium and Arab Heavy sold to Asia were cut by $5 a barrel.
2. Other regions
Saudi Aramco raised November prices for northwest Europe and the Mediterranean by $3 a barrel across all grades, after resuming exports from the Red Sea port of Yanbu. It kept prices for U.S. buyers unchanged. Saudi Arabia and other OPEC+ members agreed to keep November production targets steady.
