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Saudi Aramco lowers Nov OSPs for Asia, Med, US

Highlights

Reduces Asia OSPs following large cut in Oct

Lowers US, Northwest Europe after no changes in Oct

Saudi Aramco cut nearly all of its November official selling prices for Asia, Mediterranean, European and US-bound cargoes, giving global refiners an incentive to increase crude liftings as OPEC+ raises output.

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The price moves follow the Oct. 4 meeting of OPEC and its allies, during which the group agreed to increase crude production by 400,000 b/d in November, sticking to their plans to keep easing historic output cuts.

For Asia-bound crude, November differentials versus an Oman/Dubai basis for Super Light and Light grades were cut by 10 cents/b, Extra Light by 20 cents/b and Medium and Heavy grades by 40 cents/b versus October levels, Aramco said in an Oct. 5 pricing letter.

For crude destined for the Mediterranean, November differentials versus ICE Brent were lowered for Medium and Heavy by 60 cents/b and by 30 cents/b for Extra Light and 50 cents/b for Light.

Aramco also cut prices for crude bound to Northwest Europe and the US after keeping them unchanged in October. Extra Light to North West Europe was down $1/b. Light was lowered by 70 cents/b. Medium and Heavy were down 50 cents/b compared with October levels.

For US-bound crude, Saudi Light, Medium and Heavy were all lowered by 10 cents/b, with Extra Light to the US the only price to remain unchanged.

Aramco October OSP:

($/b)

Grade
Destination
Basis
October
November
Change
S Light
Asia
Oman/Dubai
3.15
3.05
-0.1
Ex Light
Asia
Oman/Dubai
2
1.8
-0.2
Light
Asia
Oman/Dubai
1.7
1.3
-0.4
Medium
Asia
Oman/Dubai
1.45
1.05
-0.4
Heavy
Asia
Oman/Dubai
0.4
-0.1
-0.5
Ex Light
NWE
ICE Brent
-0.8
-1.8
-1
Light
NWE
ICE Brent
-1.7
-2.4
-0.7
Medium
NWE
ICE Brent
-2.3
-2.8
-0.5
Heavy
NWE
ICE Brent
-3.2
-3.7
-0.5
Ex Light
MED
ICE Brent
-0.8
-1.1
-0.3
Light
MED
ICE Brent
-1.8
-2.3
-0.5
Medium
MED
ICE Brent
-2.5
-3.1
-0.6
Heavy
MED
ICE Brent
-3.2
-3.8
-0.6
Ex Light
US
ASCI
2.4
2.4
0
Light
US
ASCI
1.35
1.25
-0.1
Medium
US
ASCI
0.65
0.55
-0.1
Heavy
US
ASCI
0.2
0.1
-0.1