Saudi Arabia Leaves Asian Oil Prices Unchanged
October 06 2022 - 7:10AM
Dow Jones News
By Will Horner
Saudi Arabia left prices for its benchmark light crude sold to
Asian customers unchanged for November, but lowered prices for
European buyers, the nation's oil company said Thursday.
Saudi Arabian Oil Co., the state-run oil giant, left the price
of its Arab Light crude sold into Asia at a $5.85 premium a barrel
over the average of the Oman and Dubai benchmarks.
Prices for European buyers were lowered by $1.80 a barrel to a
$0.90 premium a barrel over the ICE Brent benchmark.
On sales to U.S. buyers, prices were raised by $0.20 a barrel to
a $6.35 premium a barrel over the ASCI benchmark.
The move comes despite a rise in global oil prices in recent
days. The Brent global oil benchmark has gained almost 10% so far
this week, thanks to expectations that the Organization of the
Petroleum Exporting Countries--of which Saudi Arabia is a leading
member--would cut production, which the group confirmed it would do
at a meeting Wednesday.
OPEC, and a group of Russia-led allies--known collectively as
OPEC+-- said they would lower their production targets by 2 million
barrels a day.
Write to Will Horner at william.horner@wsj.com
(END) Dow Jones Newswires
October 06, 2022 06:55 ET (10:55 GMT)
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