Commodities
Home›Commodities›Energy›Saudi Aramco cuts Asia oil prices to a six-year low
Saudi Aramco cuts Asia oil prices to a six-year low
Aramco set November Arab Light for Asia at a $5 per-barrel discount to the regional benchmark, while keeping US prices unchanged and raising Europe prices by $3.
Saudi Aramco has cut prices for its benchmark Arab Light crude to Asia to what it described as a six-year low, as Persian Gulf producers compete for market share, LiveMint Markets reports.
For November, Aramco will sell Arab Light to buyers in Asia at a $5 per-barrel discount to the regional benchmark. That is wider than the $2 per-barrel discount for the current month, and it comes after traders and refiners had expected a $5 per-barrel increase from October, according to a Bloomberg survey cited in the report.
Aramco also raised November prices to Europe by $3 per barrel, while leaving US prices unchanged from this month. The article links the move to efforts to boost sales to Asia amid increased oil flows through the Strait of Hormuz, despite ongoing attacks in and around the waterway.
The report says oil moving through Hormuz has rebounded over the past few months and that Aramco has restored much of the flows through the East-West pipeline after an attack, supporting higher Middle East crude exports. JPMorgan Chase & Co. is cited for an estimate related to the increase, but the specific figure is cut off in the provided text.
Latest closeWTI crude $91.26 ▼1.7%