Saudi sets six-year-low Arab Light discount in Asia
Arabian Post Staff -Dubai Saudi Aramco has cut the November official selling price of its flagship Arab Light crude for Asian customers by $3 a barrel, setting it at a $5 discount to the average of Oman and Dubai benchmarks, the widest discount since June 2020. The unexpectedly deep reduction comes as Brent crude remains above $100 a barrel amid persistent Middle East security risks, while…
Saudi Aramco has slashed its November official selling price for Arab Light crude by $3 a barrel to Asian customers, setting a $5 discount against Oman and Dubai benchmarks – the lowest discount since June 2020. This unexpected reduction follows Brent crude's price staying above $100 a barrel due to Middle East security risks, recovering regional exports, and planned emergency stock releases.
Aramco also lowered Arab Medium and Arab Heavy prices for Asia by $5 a barrel. This differs from market expectations for price hikes, highlighting the gap between high international futures and Asian refiners' costs. Despite freight rate surges from conflict and security risks, Aramco relies on alternative logistics to maintain exports.
Saudi pricing shifted opposite for European customers, raising prices for grades by $3 a barrel after Red Sea port resumptions. However, oil markets remain tense after Yemen’s Houthi movement claimed missile and drone attacks against Aramco facilities in Riyadh and Khurais, though Saudi authorities have not confirmed these claims.
Written by urgent.news from Arabian Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.