Saudi Arabia’s state-owned oil company, Aramco, has reduced oil prices for buyers in Asia and the United States for December. The company lowered the price of its Arab Light crude by 25 cents per barrel for Asia. However, it raised prices for Europe by 15 cents and cut prices to the US by 15 cents for the Argus sour crude.
This move suggests that Saudi Arabia expects slower oil demand in Asia. Aramco sets its oil prices by considering customer feedback and tracking monthly shifts in oil values, influenced by product prices and yields. These price changes also affect the oil markets in Iran, Kuwait, and Iraq, which together send around 7 million barrels of oil per day to Asia. This region is projected to drive global oil demand growth in the coming years.
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