Arab News

RIYADH: For the fifth consecutive month, Saudi Aramco raised the November official selling prices for the flagship Arab light crude it sells to Asia to plus $4 a barrel versus the Oman/Dubai average, the oil company announced on Thursday.

The top oil exporter set its Arab Light OSP to Northwest Europe at $7.20 a barrel against ICE Brent for October and to the US at $7.45 versus ASCI.

Saudi Arabia and Russia on Wednesday extended their voluntary oil cuts to the end of the year.

The Kingdom will continue the voluntary cut of 1 million barrels of oil per day in November and December, the Saudi Press Agency reported.

The move means Saudi Arabia’s production for the final two months of the year will be approximately 9 million bpd.

This reduction is in addition to the voluntary cuts the Kingdom had previously announced in April, when Riyadh agreed to reduce output by 500,000 bpd until the end of December 2024.

Meanwhile, oil prices dropped extending the previous session’s sharp losses.

Brent crude oil futures had fallen 65 cents to $85.16 a barrel by 1245 GMT, while US West Texas Intermediate crude futures were 75 cents lower at $83.47. Both benchmarks fell by more than $1 in earlier trading.