Saudi Arabia may cut October crude oil prices to Asia – survey

Saudi Arabia may cut October crude oil prices to Asia – survey

SINGAPORE- Top oil exporter Saudi Arabia is expected to cut its crude oil official selling prices (OSPs) for Asian buyers for a second straight month, tracking a drop in Middle East benchmarks and weak refining margins, industry sources said on Monday.Seven sources from Asian refineries on average expected the October OSP for flagship Arab Light crude to fall by $1 a barrel, which would make it the biggest monthly drop since May, although forecasts ranged from cuts of 50 cents to $1.80 a barrel, a Reuters survey found.Middle East benchmarks cash Dubai and DME Oman differentials fell by around $1.40 this month, trading at discounts to Dubai swaps, data compiled by Reuters showed.Despite spot purchases by Indian, Korean and Japanese refiners, Middle East sour crude grades from Abu Dhabi and