AkzoNobel to sell South-east Asia paints business to Nippon Paint for US$1.35 billion
The paint maker expects net cash proceeds of about US$1 billion.
Saudi Arabia surprised markets by reducing crude oil prices for Asian buyers in November, according to Reuters. The country lowered the official selling price (OSP) to the region by US$5 per barrel, compared to the average of Oman and Dubai prices, marking the largest discount since June 2020. This move was unexpected, as the market had anticipated a US$3 barrel increase in OSPs for the month, according to a Reuters survey.
Saudi Aramco, the state-owned oil company, further reduced OSPs for heavier grades of oil sold to Asia by US$5 per barrel. The discounts come as Aramco seeks to protect its market share amidst record freight rates, offering relief to buyers. In a separate move, Saudi Aramco increased OSPs for European buyers by US$3 per barrel across all grades after resuming exports from the Red Sea port of Yanbu.
Prices remained unchanged for buyers in the United States. Opec+ members had agreed on October 4 to maintain oil production levels for November, with little expectation of further adjustments until 2027.
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- Saudi Arabia unexpectedly cuts oil prices to Asia businesstimes.com.sg
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- Saudi Arabia unexpectedly cuts oil prices to Asia straitstimes.com
