Saudi Arabia's state-owned oil firm, Aramco, has lowered the price of Arab Light crude to Asia by $5 a barrel for November, a move to boost sales in the region.
Aramco raised November prices to Europe by $3 a barrel.
Oil exports from the Middle East have increased to 98% of pre-war levels, according to JPMorgan Chase & Co.
Saudi Arabia has restored oil flows through the East-West pipeline to over 80% of capacity.
Asian refiners have been asked to submit nominations for oil volumes to be picked up from various ports in case the Strait of Hormuz is closed.
Summarised automatically by AI from the original article by Free Malaysia Today. AI can make mistakes, so check the original for details.
Aramco raised November prices to Europe by US$3 a barrel, and left those to the US unchanged from this month. (EPA Images pic)
DHAHRAN: Saudi Aramco has cut prices for its benchmark oil grade to Asia to a six-year low as Gulf producers race for market share with flows through the Strait of Hormuz increasing.
The state-owned firm will lower Arab Light crude to buyers in Asia to US$5 a barrel less than the regional benchmark for November, according to a list from the producer. That compared with a discount of US$2 a barrel for this month. Traders and refiners had expected a US$5 increase from October, a Bloomberg survey shows.
The unexpected price cut is a signal the world’s largest oil exporter may be trying to boost sales to Asia, along with other Persian Gulf producers. Aramco raised November prices to Europe by US$3 a barrel, and left those to the US unchanged from this month.
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