07 Oct 2024
RIYADH: Saudi Aramco has raised its November pricing for Arab Light crude oil for Asian buyers, according to a recent price list.
The state-owned oil giant increased the official selling price of its Arab Light crude by 90 cents, bringing it to $2.20 per barrel above the regional benchmark.
Global oil prices are on the rise amid the growing tensions in the Middle East. Crude prices rocketed around 5 percent on Thursday. Analysts warned that slowing demand in many countries and plentiful supply within and outside OPEC is likely to eventually cap prices.
The oil giant slashed the prices of all grades to Europe and the US.
The Arab Light price differential for buyers in West Europe has been set at $0.45 above the ICE Brent, according to an emailed statement from Aramco.
The price hike aligns with market forecasts of around 45 cents and has driven the medium sour crude price to its highest point this year. On Wednesday, Saudi Arabia confirmed it would maintain its voluntary output reduction of 1 million barrels per day through November and until the end of December 2023.
Saudi Aramco also increased the price of Extra Light crude for Asia by 50 cents in November, bringing it to $3.35 a barrel above Oman/Dubai quotes. This adjustment reflects the rising prices for light sour grades in the spot market, while the OSPs for Arab Medium and Arab Heavy remain unchanged.