ICYMI – Saudis cut oil price to Asia and US, raised to Europe

Saudi Arabia’s state run Aramco cut oil prices for buyers in Asia and the US for December.

Cut Arab Light crude grade to Asia by 25 cents / bbl

• raised to Europe by 15 cents
• to the US, cut by 15 cents (Argus sour crude)

Saudi’s seem to be expecting a slow down in Asian demand,

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Saudi Aramco determines its crude oil prices by considering customer recommendations and assessing monthly changes in oil value based on yields and product prices. These Saudi prices influence pricing trends for Iranian, Kuwaiti, and Iraqi oil, impacting around 7 million barrels per day headed to Asia, a region anticipated to lead future global oil demand growth.

This article was written by Eamonn Sheridan at www.forexlive.com.