The biggest exporter in the world was expected to boost prices somewhat to reflect the increase in benchmark pricing for Middle Eastern crudes last month, but this action startled traders.
After the oil producers agreed yesterday to cut production by two million barrels per day as part of the “OPEC +” group, which includes members of the Organization of the Petroleum Exporting Countries and its allies, including Russia, traders were preparing themselves for the possibility of imposing greater price increases.
According to the sources, Saudi Aramco imposed a $5 premium as the official selling price for Arab Light crude to Asia in November.
Over the Oman/Dubai average by $85 per barrel.
According to the sources, the corporation decreased the official selling price of Arab Extra Light oil by 10 cents in November while maintaining the official selling price.
According to the sources, Saudi Aramco increased the cost of medium and heavy Arab crudes by 25 cents in November compared to October.
In reaction to rising global interest rates and the frailty of the world economy, Saudi Arabia’s Energy Minister Abdulaziz bin Salman stated yesterday, Wednesday, that the actual supply cut resulting from the OPEC + agreement will equal to between one million and one million barrels per day.
Analysts predicted that a sizable portion of the production cuts would fall on Saudi Arabia.
According to Reuters, Saudi Arabia maintains its November oil export prices to Asia.
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