Saudi Arabia raises Arab Light crude price to Asia in November

Saudi Aramco has raised the official selling price (OSP) for its Arab Light crude to Asian customers for November, by $2.20 above the Oman/Dubai average. The decision comes at a time when oil markets are experiencing significant volatility due to geopolitical and economic tensions.

Aramco said in its statement that this increase comes after a careful review of global prices and the increasing demand for oil in Asian markets, which is the largest and most important market for Saudi Arabia. The company indicated that this step aims to boost oil revenues and support the national economy in light of global economic challenges.

In return, Aramco reduced the official selling price of Arab Light crude to Europe by $0.45 below Brent crude, and to the United States by 10 cents to $3.90 above the Argus Sulfur Crude Index. The company explained that these adjustments come within the framework of its strategy to meet the needs of its customers in various global markets and achieve a balance between supply and demand.

These price changes come at a time when global oil prices are witnessing significant fluctuations, as Brent crude futures rose by 0.6% to reach $78.05 per barrel, while US West Texas Intermediate crude futures rose by 0.9% to reach $74.38 per barrel. Geopolitical tensions in the Middle East have contributed to increased concerns about the stability of global oil supplies.

Through this step, Saudi Arabia seeks to strengthen its position as the world's largest oil exporter and ensure the stability of its oil supplies to its customers in Asia, Europe and North America. Aramco confirms that it will continue to monitor global markets and take the necessary measures to ensure that its customers' needs are met and that stability is achieved in oil markets.