Saudi Arabia Cuts November Oil Prices for Asia, Raises for Europe and Mediterranean
On October 5, Saudi Arabia unexpectedly cut its November official selling price for Arab Light crude to Asia to a $5 per barrel discount against the Oman/Dubai average, a $3 reduction from October and the largest discount since June 2020. It also cut prices for Arab Medium and Heavy grades to Asia by $5 per barrel. Conversely, after resuming exports via Yanbu port, Saudi Arabia raised prices for all grades to Northwest Europe by $3 per barrel. U.S. prices were unchanged. OPEC+ maintained November output targets.
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Saudi Arabia Cuts November Oil Prices for Asia, Raises for Europe and Mediterranean
On October 5, Saudi Arabia, the largest crude exporter in the Middle East, unexpectedly cut its official selling price (OSP) for Arab Light crude to Asia for November to a discount of $5 per barrel against the Oman/Dubai average, a $3 reduction from the previous month. This marks the largest discount since June 2020 and surprised markets, which had expected a $3 increase to reflect rising Middle East benchmark prices. Saudi Aramco also cut OSPs for Arab Medium and Heavy crude to Asia by $5 per barrel each. Conversely, after resuming exports via the Red Sea's Yanbu port, Saudi Arabia raised OSPs for all grades to Northwest Europe by $3 per barrel. Prices for U.S. buyers were kept unchanged. Separately, OPEC+ members, including Saudi Arabia, decided on Sunday to maintain their November crude output targets, a decision in line with expectations that no further policy adjustments are likely before next year.
Read sourceSaudi Aramco Sets November Arab Light Crude Price at $5 Discount to Oman/Dubai Average for Asia
Saudi Aramco, the state-owned oil company of Saudi Arabia, has announced its official selling price (OSP) for Arab Light crude oil destined for Asian customers in November. The price is set at a discount of $5 per barrel relative to the average of the Oman/Dubai crude oil benchmarks. This pricing decision is a key indicator of market conditions and Saudi Arabia's competitive strategy in the Asian market, the world's largest crude-importing region. The discount reflects ongoing market dynamics, including global demand concerns and competition from other producers. The announcement was reported by trade intelligence source TradeAlpha.
Saudi Aramco Sets November Arab Light Crude Price for Asia at $5 Discount
Saudi Aramco, the state-owned oil company of Saudi Arabia, has announced the official selling price (OSP) for its Arab Light crude oil for November loading. For customers in Asia, the price has been set at a discount of $5 per barrel compared to the average of the Oman/Dubai crude oil benchmarks. This pricing decision is a key indicator of the company's market strategy and demand outlook for the region. The discount reflects current market conditions and competitive dynamics in the Asian crude oil market, where Saudi Arabia competes with other major producers. The announcement was reported by tradealpha, a domestic media outlet, and provides a direct insight into the pricing terms for one of the world's most traded crude grades.
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Saudi Aramco Considers Discount for Crude Loaded in Oman Waters to Offset Freight Costs
According to five sources cited by tradealpha on September 28, Saudi Aramco is considering reducing the official selling price (OSP) for crude oil loaded in Oman waters. The potential discount aims to compensate Asian buyers for sharply higher freight costs and help Saudi Aramco regain market share lost due to disrupted oil transport through the Strait of Hormuz. The company is in talks with some Asian refiners about a possible OSP discount to boost the attractiveness of its crude amid the freight surge. The discount may apply to cargoes offered this week for loading in the second half of October, sold via ship-to-ship transfers near Oman waters. One source indicated the discount under discussion is approximately $9 per barrel. In recent weeks, as Saudi Arabia increased exports from its Gulf fields, the price for crude loaded outside the Strait of Hormuz (in Oman waters) has carried a premium of $10 to $20 per barrel over the monthly OSP.
Saudi Aramco reportedly considers discount on crude loaded off Oman to offset shipping costs
According to five sources cited by Jin10 on September 28, Saudi Aramco is considering reducing the official selling price (OSP) for crude oil loaded in Omani waters to compensate buyers for surging freight costs. The move is reportedly aimed at helping Aramco regain market share lost due to shipping disruptions in the Strait of Hormuz. Sources say Aramco is in talks with some Asian refiners about potential OSP discounts to boost the attractiveness of its crude amid rising freight rates. The discount may apply to cargoes offered this week for loading in the second half of October, sold via ship-to-ship transfers near Omani waters. One source indicated the discount under discussion is around $9 per barrel. In recent weeks, as Saudi Arabia increased exports from its Gulf fields, Aramco has been selling crude loaded outside the Strait of Hormuz at a premium of $10 to $20 per barrel over its monthly OSP to Asian buyers.