AGL 39.50 Decreased By ▼ -0.50 (-1.25%)
AIRLINK 128.19 Decreased By ▼ -0.87 (-0.67%)
BOP 6.82 Increased By ▲ 0.07 (1.04%)
CNERGY 4.69 Increased By ▲ 0.20 (4.45%)
DCL 8.44 Decreased By ▼ -0.11 (-1.29%)
DFML 41.40 Increased By ▲ 0.58 (1.42%)
DGKC 82.78 Increased By ▲ 1.82 (2.25%)
FCCL 33.00 Increased By ▲ 0.23 (0.7%)
FFBL 73.56 Decreased By ▼ -0.87 (-1.17%)
FFL 11.89 Increased By ▲ 0.15 (1.28%)
HUBC 110.75 Increased By ▲ 1.17 (1.07%)
HUMNL 14.51 Increased By ▲ 0.76 (5.53%)
KEL 5.21 Decreased By ▼ -0.10 (-1.88%)
KOSM 7.67 Decreased By ▼ -0.05 (-0.65%)
MLCF 38.95 Increased By ▲ 0.35 (0.91%)
NBP 64.00 Increased By ▲ 0.49 (0.77%)
OGDC 193.50 Decreased By ▼ -1.19 (-0.61%)
PAEL 25.60 Decreased By ▼ -0.11 (-0.43%)
PIBTL 7.38 Decreased By ▼ -0.01 (-0.14%)
PPL 154.60 Decreased By ▼ -0.85 (-0.55%)
PRL 25.86 Increased By ▲ 0.07 (0.27%)
PTC 17.87 Increased By ▲ 0.37 (2.11%)
SEARL 82.25 Increased By ▲ 3.60 (4.58%)
TELE 7.74 Decreased By ▼ -0.12 (-1.53%)
TOMCL 33.30 Decreased By ▼ -0.43 (-1.27%)
TPLP 8.54 Increased By ▲ 0.14 (1.67%)
TREET 16.55 Increased By ▲ 0.28 (1.72%)
TRG 56.90 Decreased By ▼ -1.32 (-2.27%)
UNITY 27.55 Increased By ▲ 0.06 (0.22%)
WTL 1.38 Decreased By ▼ -0.01 (-0.72%)
BR100 10,543 Increased By 98.2 (0.94%)
BR30 31,290 Increased By 100.3 (0.32%)
KSE100 98,330 Increased By 531.7 (0.54%)
KSE30 30,669 Increased By 188 (0.62%)

Top oil exporter Saudi Arabia has cut the price for the flagship Arab light crude it sells to Asia in December by 50 cents to $1.70 a barrel above the Oman/Dubai average, Saudi Aramco said in a statement on Tuesday.

The decrease is broadly in line with expectations, as sources at Asian refineries had said they expected the price to fall by 30 cents to 50 cents.

“The price (cut) definitely indicates a bearish outlook,” an Asia-based buyer said on Wednesday, adding that the reduction was at the lower-end of expectations.

Another buyer said the price cuts also indicate pressure faced by Saudi Aramco in placing its barrels in the market.

Middle East oil markets are under pressure as Asia is well-supplied and demand from top importer China remains weak.

On Sunday, the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, said they would push back a production hike by a month from December as weak demand and rising non-OPEC supply depress markets.

Saudi Arabia may cut December oil prices for Asia, sources say

Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.

Aramco also set the Arab Light OSP to Northwest Europe at minus $0.15 versus ICE Brent, an increase of 30 cents per barrel from November, according to a pricing document.

It hiked its OSPs to both Northwest Europe and the Mediterranean by 30 cents per barrel across the board.

For buyers in the United States, the Arab Light OSP was cut by 10 cents to plus $3.80 versus ASCI.

Comments

200 characters