Saudi Arabia lifts November Arab Light crude price to Asia again
Saudi Arabia has raised the price of its flagship Arab Light crude to Asian customers in November for a fifth straight month, after the kingdom reaffirmed its voluntary supply cut. State-owned Saudi Aramco increased the official selling prices (OSP) for November-loading Arab Light to Asia by 40 cents a barrel from October to $4 a barrel over Oman/Dubai quotes, it said in a statement.
The price hike is in line with market expectations of an increase of about 45 cents, and has pushed the price for the medium sour crude to its highest level this year. Saudi Arabia on Wednesday announced that it will continue with its voluntary output cut of one million barrels per day (bpd) for November and until the end of December 2023.
Saudi Aramco also raised the price for Extra Light crude to Asia by 50 cents in November to $3.35 a barrel over Oman/Dubai quotes, mirroring the strengthening of prices for light sour grades in the spot market, while keeping the OSPs for Arab Medium and Arab Heavy unchanged.
For other regions, the top oil exporter increased its November Arab Light OSP to northwest Europe by $1.50 to $7.20 a barrel above ICE Brent.
Meanwhile, the OSP of Arab Light to the United States was unchanged at $7.45 versus ASCI in November.
Saudi term crude supplies to Asia are priced as a differential to the Oman/Dubai average: CHANGE NOVEMBER OCTOBER SUPER LIGHT +5.45 0.00 +5.45 EXTRA LIGHT +2.85 +0.50 +3.35 LIGHT +3.60 +0.40 +4.00 MEDIUM +3.45 0.00 +3.45 HEAVY +1.70 0.00 +1.70
Prices at Ras Tanura destined for United States are set against ASCI: CHANGE NOVEMBER OCTOBER EXTRA LIGHT +9.60 0.00 +9.60 LIGHT +7.45 0.00 +7.45 MEDIUM +8.15 0.00 +8.15 HEAVY +7.70 0.00 +7.70
Prices at Ras Tanura destined for Northwest Europe are set
