Saudi Aramco raises Arab Light crude prices for November 2024
RIYADH: Saudi Aramco raised November prices for its Arab Light crude for Asian buyers by 90 cents, taking the price to $2.20 a barrel above the regional benchmark.
The increase comes as global prices Oil prices are rising, fueled by growing tensions in the Middle East, with a rise of around 5% seen on Thursday. However, analysts point out that slowing demand in several countries and excess supply, both inside and outside OPEC, could limit future increases.
At the same time, Aramco has reduced prices of all crude grades destined for Europe and the United States. For Western Europe, Arab Light crude is now set at $0.45 above ICE Brent.
This increase is This aligns with market expectations of an increase of about 45 cents and has pushed the average price of sour crude to its highest level of the year. On Wednesday, Saudi Arabia confirmed that it would maintain its voluntary production cut of 1 million barrels per day until the end of December 2023.
Aramco also raised the price of extra light crude for Asia by 50 cents, taking it at $3.35 above Oman/Dubai quotations. This adjustment reflects the increase in prices for light sour grades on the spot market, while prices for medium and heavy crude remain unchanged.
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