Saudi Aramco Raises November Light Grade Crude Pricing for Asia
- Saudi Arabia raised pricing in Asia for third straight month
- State-owned Saudi Aramco sets premium at 60 cents a barrel
A Saudi Aramco oil facility in Saudi Arabia.
Photographer: Hassan Ammar/AFP via Getty ImagesThis article is for subscribers only.
Saudi Arabia, the world’s largest crude exporter, raised pricing for November sales of its light oil grades to Asia for a third consecutive month as the biggest OPEC member cuts shipments to clear a global glut.
State-owned Saudi Arabian Oil Co., known as Saudi Aramco, lifted its official pricing for Arab Light crude to buyers in Asia to 60 cents above the regional benchmark, it said in an emailed statement. That was a 30 cent month-on-month gain, and compares with a 10 cent increase anticipated in a Bloomberg survey of six refiners and traders.