Saudi Arabia Defies Expectations and Keeps Oil Prices Steady

State-controlled Aramco left Asian Arab Light grade unchanged
Moves comes a day after OPEC+ opted to slash crude production

Saudi Arabia's Energy Minister Abdulaziz bin Salman during a news conference following an OPEC+ meeting in Vienna, Austria, on Oct. 5. — Saudi Arabia's Energy Minister Abdulaziz bin Salman during a news conference following an OPEC+ meeting in Vienna, Austria, on Oct. 5.
Photographer: Akos Stiller/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Sharon Cho

October 6, 2022 at 10:02 AM UTC

Updated on

October 6, 2022 at 12:55 PM UTC

This article is for subscribers only.

Sign up for our Middle East newsletter and follow us @middleeast for news on the region.

Saudi Arabia kept oil prices for its main market of Asia largely steady and lowered those for Europe, going against expectations it would hike them and pile more pressure on consumers a day after OPEC+ opted to slash production.