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Saudi Arabia's state owned oil company Saudi Aramco raised its official selling price to Asia for December, while cutting it for Europe and United States. Saudi Arabia raised official prices for Arab light grade by 30 cents per barrel.
In US Saudi Arabia reduced price by 20 cents per barrel, while cutting it by $1.3 per barrel.
These moves were somehow anticipated in the market, given the demand for cargoes in Asia and oversupply in North Sea.
However, this pricing structure is telling a lot about global oil market's current status.
- Demand is high in Asia, driven by rise in demand from India and as China fills up its strategic reserve. Moreover refiners in Asia have been greater demanding Arab light grade for its ease of processing.
- European pricing structure shows, Saudi Arabia's fight for market share in Europe, a traditional playground for Russia.
- US market share prospect can be considered as lost given tough competition from local and Canada.
Brent is currently trading at $48.5/barrel.
