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Saudi Arabia has raised its official selling price for Arab Light crude to Asia by 90 cents per barrel amid rising market volatility and geopolitical tensions in the Middle East. This move, surpassing market expectations, comes as oil prices surge in response to escalating regional conflicts.
Saudi Aramco Raises Arab Light Crude Price for Asia, Lowers Costs for U.S. and Europe Amid Tensions
Saudi Arabia increased its primary oil prices for Asian consumers in response to the increased volatility in the crude market, as traders closely monitor the progress of the Middle East conflict.
According to a price list obtained by Bloomberg, Saudi Aramco, the state producer, has raised the official selling price of its primary Arab Light crude grade by 90 cents, resulting in a premium of $2.20 per barrel over the regional benchmark for purchasers in Asia. According to a survey of merchants and refiners, the company anticipated increasing the premium by 65 cents per barrel.
Simultaneously, Aramco reduced the cost of all grades in the United States and Europe.
Oil prices have surged since the beginning of October as Iran responded to the devastating assaults in Lebanon that nearly eliminated the Hezbollah leadership by launching missile strikes on Israel. This week, benchmark Brent crude increased by over 8% in response to the strikes and anticipation of a potential Israeli reprisal, trading at approximately $78 per barrel.
OPEC+ Suspends Output Increase Amid Concerns Over China’s Sluggish Oil Demand and Market Surplus
Currently, the markets have largely ignored most of the regional risks this year, as the conflict has not resulted in a reduction in supply, and traders have instead concentrated on exacerbating concerns regarding sluggish demand. Last month, the OPEC+ alliance, which Saudi Arabia and Russia lead, suspended a planned output increase for two months, until the beginning of December, in response to concerns that China's slow oil consumption will result in an excess of crude in the market.
Group members who made voluntary output adjustments will not implement the previous plan to begin rolling back the reductions in October and November. Due to the delay in the resumption of hydrocarbon production, Saudi Arabia may continue to export less than 6 million barrels per day, as it has for the past four months.
