Saudi Arabia is cutting crude oil prices for Asian buyers in October, with Aramco lowering its flagship Arab Light grade by $1 per barrel โ more than expected. The move follows OPEC+โs decision to continue increasing output, signaling a shift from price protection to market share recovery. Despite recent production hikes, global oil inventories remain stable, but prices have dropped about 12% this year amid oversupply concerns. They write:
Saudi Arabiaย will cut prices on all of its crude grades for buyers in Asia for next month after OPEC+ said it will continue toย ramp up output, defying widespread expectations of a looming oversupply.
State producerย Saudi Aramco is lowering the price for its flagship Arab Light crude to its biggest market by $1 a barrel for shipments in October, according to a price list seen by Bloomberg.ย […]
Crude in London has slipped about 12% this year to trade near $66 a barrel. UBS Group AG sees prices dipping to $62 a barrel by the end of the year while Goldman Sachs Group Inc. anticipates a drop to the low $50s next year. […]
Still, the OPEC+ supply increases over the past few months havenโt yet caused a buildup of inventories in the West, where the worldโs key oil-price benchmarks are located.
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