Saudi Arabia sharply cuts crude prices for November Asian supply

[Financial News] Saudi Arabia has unexpectedly cut the Asian selling price of crude oil for November delivery. The move contrasts with the results of a survey conducted by British media, which expected the official selling price for November to rise by $3 per barrel (approximately 3,000 won) amid rising Middle Eastern benchmark crude prices.
According to British media on the 5th (local time), Saudi Arabia set the official selling price of Arab Light crude for November delivery to Asia at $5 per barrel below the average price of Oman crude oil and Dubai crude. This was a $3 cut from the previous month, marking the largest discount since June 2020.
Saudi Aramco, the state-owned oil company, cut the November official selling prices of Arab Medium crude and Arab Heavy crude sold to Asia by an additional $5 per barrel each. Sources said last week that Aramco was considering discounting crude loaded in Oman to offset buyers' burden from record-high freight rates. The move was seen as an effort to prevent rivals such as the United Arab Emirates (UAE) from taking its share of the Asian market after regional conflicts hit exports.
Meanwhile, after resuming crude exports from Yanbu Port on the Red Sea coast, Aramco raised the official selling prices for November-delivery crude sold to Northwestern Europe by $3 per barrel across all grades.
[email protected] Hong Chae-wan Reporter