By David Hodari
Saudi Arabian Oil Co. cut all of the prices at which it will sell oil to Asia and Europe in November, as well as almost all of its prices for the U.S.
The state-run company, also known as Saudi Aramco, on Tuesday trimmed all prices for Far East Asia, cutting its Arab light crude oil by $0.40 a barrel to a $1.30-a-barrel premium to the Oman/Dubai average.
With energy prices rising across the board amid an ongoing natural gas supply crunch, "firm crude oil prices in the global market and continued output increments from the OPEC+ appear to have weighed on the Saudi price decision even as energy demand in the physical market remains strong," Warren Patterson, head of commodity strategy at Dutch bank ING, said.
Aramco has been among the major oil players and banks to forecast that gas-to-oil switching will mean that global oil demand will rise by hundreds of thousands of barrels a day in the coming months.
Meanwhile, Aramco cut its light crude sale price to the U.S. by $0.10 a barrel, giving it at a $1.25-a-barrel premium to the Argus Sour Crude Index, which reflects the U.S. Gulf Coast medium-sour crude. That accompanied a $0.70-a-barrel cut to Aramco's light crude sale price to northwest Europe, which now has a $2.40-a-barrel discount to ICE Brent, and a $0.50-a-barrel cut to its sale price for the Mediterranean region, leaving it with a $2.30-a-barrel discount to ICE Brent.
Brent crude oil was last up 0.6% at $83.03 a barrel and WTI futures were up 0.5% at $79.34 a barrel.
Write to David Hodari at david.hodari@wsj.com
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