Aramco reduces the prices of crude oil heading to Asia and raises them to Europe and the United States

Aramco set the official selling price for Arab Light crude heading to Asia at a discount of $5 per barrel from the average of Oman and Dubai crude, a decrease of $3 from the previous month, which is the largest discount since June 2020. The decision came in contrast to market expectations, which suggested a price increase of about $3 per barrel.

The company also reduced the prices of Arab Medium and Arab Heavy crude oil for Asia by $5 per barrel, in a move likely aimed at maintaining competitiveness and protecting market share, in light of the high shipping costs and the repercussions of regional tension on export movement.

In contrast, Aramco raised the prices of all grades of crude heading to northwestern Europe and the Mediterranean by $3 per barrel, after resuming exports from the port of Yanbu on the Red Sea, and kept prices unchanged for buyers in the United States.

This comes after Saudi Arabia and other countries in the OPEC+ alliance agreed to keep oil production targets unchanged during November, amid expectations that no new adjustments to production policy will be made before next year.