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


(END) Dow Jones Newswires

October 06, 2022 06:55 ET (10:55 GMT)

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