AGL 41.86 Increased By ▲ 3.32 (8.61%)
AIRLINK 129.69 Increased By ▲ 0.19 (0.15%)
BOP 6.13 Increased By ▲ 0.52 (9.27%)
CNERGY 4.08 Increased By ▲ 0.22 (5.7%)
DCL 8.64 Decreased By ▼ -0.09 (-1.03%)
DFML 40.92 Decreased By ▼ -0.84 (-2.01%)
DGKC 88.45 Increased By ▲ 0.15 (0.17%)
FCCL 35.00 No Change ▼ 0.00 (0%)
FFBL 66.45 Decreased By ▼ -0.90 (-1.34%)
FFL 10.69 Increased By ▲ 0.08 (0.75%)
HUBC 109.45 Increased By ▲ 0.69 (0.63%)
HUMNL 14.85 Increased By ▲ 0.19 (1.3%)
KEL 4.74 Decreased By ▼ -0.01 (-0.21%)
KOSM 7.34 Increased By ▲ 0.39 (5.61%)
MLCF 42.85 Increased By ▲ 1.20 (2.88%)
NBP 61.40 Increased By ▲ 1.80 (3.02%)
OGDC 181.00 Decreased By ▼ -2.00 (-1.09%)
PAEL 25.99 Decreased By ▼ -0.26 (-0.99%)
PIBTL 6.06 Increased By ▲ 0.09 (1.51%)
PPL 146.50 Decreased By ▼ -0.20 (-0.14%)
PRL 24.10 Increased By ▲ 0.49 (2.08%)
PTC 16.40 Decreased By ▼ -0.16 (-0.97%)
SEARL 70.80 Increased By ▲ 2.50 (3.66%)
TELE 7.28 Increased By ▲ 0.05 (0.69%)
TOMCL 36.53 Increased By ▲ 0.58 (1.61%)
TPLP 7.99 Increased By ▲ 0.14 (1.78%)
TREET 15.31 Increased By ▲ 1.11 (7.82%)
TRG 50.80 Increased By ▲ 0.35 (0.69%)
UNITY 27.40 Increased By ▲ 0.65 (2.43%)
WTL 1.26 Increased By ▲ 0.05 (4.13%)
BR100 9,869 Increased By 63.8 (0.65%)
BR30 29,876 Increased By 197.6 (0.67%)
KSE100 92,773 Increased By 468.6 (0.51%)
KSE30 28,932 Increased By 92 (0.32%)

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