Aramco Cuts Pricing for Oil Sales to Asia as Glut Persists
- State-owned Aramco sets Arab Light oil discount at 45 cents
- Pricing for most grades to U.S., Europe also cut for November
Goldman's Currie Sees 2017 Oil Market 'Very Oversupplied'
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Saudi Arabia, the world’s largest crude exporter, cut pricing for November oil sales to Asia and Northwest Europe and for most grades to other regions amid a global supply glut.
State-owned Saudi Arabian Oil Co., known as Saudi Aramco, lowered its official pricing for Arab Light crude to Asia by 25 cents a barrel to 45 cents less than the regional benchmark, it said Wednesday in an e-mailed statement. The company had been expected to widen the discount for shipments of Arab Light by 30 cents a barrel, to 50 cents less than the benchmark for buyers in Asia, according to the median estimate in a Bloomberg survey of six refiners and traders.