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Saudi Arabia cuts Oct Arab light crude price for Asia to near 3-year low
Top oil exporter Saudi Arabia has cut the October price for flagship Arab light crude to Asia to the lowest in nearly three years on concerns of weak demand in the region. The October official selling price (OSP) for Arab Light fell by 70 cents to $1.30 a barrel above the Oman/Dubai average, Saudi Aramco said in a statement late on Friday, the lowest since November 2021. The drop is at the deeper end of expectations, as three of five sources at Asian refineries had said the price was expected to fall between 50 cents and 70 cents a barrel in a Reuters survey.
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- Posted: Sep 9, 2024 4:04am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 155
