By David Hodari
Saudi Arabian Oil Co. on Sunday cut all of the prices at which it will sell oil to Asia in October, while holding almost all of its prices for the U.S. and Europe.
The state-run company, also known as Saudi Aramco, trimmed all prices for Far East Asia, cutting its Arab light crude oil by $1.20 a barrel to a $1.70-a-barrel premium to the Oman/Dubai average.
"While a decrease was expected by the market, the cut was larger than anticipated," ING analyst Warren Patterson said, who added that "a combination of increased Saudi output and soft demand in Asia appears to have contributed to the decrease."
Meanwhile, Aramco left its light crude sale price to the U.S. unchanged, holding it at a $1.35-a-barrel premium to the Argus Sour Crude Index which reflects the U.S. Gulf Coast medium-sour crude. Similarly, Aramco held its light crude sale price to northwest Europe at a $1.70-a-barrel discount to ICE Brent.
The company made small changes to its sale price for the Mediterranean region, inching its price down by $0.10 a barrel, leaving it with a $1.80-a-barrel discount to ICE Brent.
Brent crude oil was last down 0.8% at $72.03 a barrel and WTI futures were down 0.9% at $68.66 a barrel, with analysts pointing to Aramco's cuts to its sale price.
Write to David Hodari at david.hodari@wsj.com
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September 06, 2021 at 04:08PM
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Saudi Aramco Cuts Asian Selling Prices for October - MarketWatch
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