Saudi Aramco unexpectedly cuts November Arab Light price to Asia by $3

Saudi Aramco set the November official selling price for Arab Light to Asia at $5 a barrel below the Oman/Dubai average, down from a $2 discount, a cut of $3. Analysts in a Reuters survey had expected a $3 increase, and the Asian discount is the widest since June 2020. Reuters reported the move was meant to offset record freight rates on crude loaded off Oman after the regional conflict disrupted exports.

• Arab Light to Asia: $5 a barrel below Oman/Dubai, from a $2 discount in October
• Arab Medium and Arab Heavy to Asia were cut by $5 a barrel
• Northwest Europe prices rose $3 a barrel; US prices were unchanged
• Survey expectation was a $3 increase, so the move was a $6 surprise