Saudi Arabia may cut October crude prices for Asia – Reuters
- Date: 29-Aug-2022
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
Saudi Arabia may cut October crude prices for Asia – Reuters
SINGAPORE, Aug 29 (Reuters) - Top oil exporter Saudi Arabia could slash October prices for most crude grades it sells to Asia after a plunge in spot premiums as tepid fuel demand and increasing arbitrage cargoes put pressure on oil prices in the region.
State oil giant Saudi Aramco could cut the official selling price (OSP) for its flagship Arab Light crude by about $4.50 a barrel in October, according to five refining sources surveyed by Reuters on August 29.
That would mark the first Saudi price reduction in four months after the country raised September OSPs to record high levels of $10.95 a barrel for Arab Extra Light against the Oman/Dubai average and $9.80 a barrel for Arab Light.
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