SAUDI ARABIA – Saudi Arabia has surprisingly dropped its November official selling prices for Asian consumers, pricing Arab Light crude at USD 5 per barrel less than the Oman-Dubai average, a USD 3 reduction from October and the largest discount since June 2020. The decision coincides with rising freight costs, regional export disruptions, and increased competition among oil producers for Asian refinery demand. The steeper differential might have an impact on crude purchasing decisions, refinery profits, and regional oil trade flows as refiners reconsider feedstock costs and supply possibilities.
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(Source: Reuters)