Saudi Aramco cuts crude price to main buyers

Saudi Aramco cuts crude price to main buyers

Saudi Arabia reduced oil prices for its main buyers, a day after OPEC+ sent crude futures surging by sticking to a plan for slow and steady supply increases.

State firm Saudi Aramco’s cuts for customers in Asia, Europe and the U.S. may take some of the sting out of that jump for refiners at a time when a global gas shortage is pushing up demand for crude among power producers.

The OPEC+ cartel, led by the Saudis and Russia, on Monday opted to raise daily output in November by 400,000 barrels, less than some traders and analysts had anticipated. The main U.S. benchmark, Wests Texas Intermediate, jumped to a seven-year high of almost $80 a barrel.

Aramco lowered its key Arab Light grade for Asian customers in November by 40 cents to $1.30 a barrel above the benchmark. The world’s largest oil company also cut prices for all other grades headed for Asia, as well as the Mediterranean and Northwest Europe regions. Prices for most U.S.-bound shipments were reduced.
 

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