News Code: 2833

Date of Release: 2018-09-03

Saudis May Maintain Light Crude Prices

Top oil exporter Saudi Arabia is expected to keep prices for the light crude grades it sells to Asia largely unchanged in October from the previous month to keep its oil competitive against other suppliers, several trade sources said on Monday. Saudi Arabia has cut the prices for Arab Light and Arab Extra Light to […]

Top oil exporter Saudi Arabia is expected to keep prices for the light crude grades it sells to Asia largely unchanged in October from the previous month to keep its oil competitive against other suppliers, several trade sources said on Monday. Saudi Arabia has cut the prices for Arab Light and Arab Extra Light to Asia over the past two months, as it fends off competition from other Middle East oil suppliers, Europe and the United States, Reuters reported.

Since June, the Organization of Petroleum Exporting Countries and non-OPEC producer Russia have increased production to make up for falling output from Venezuela, Libya and ahead of US sanctions on Iran. The rise in exports from the Middle East and Russia, plus arbitrage flows from Europe and the United States, has kept Asia well-supplied, especially in light grades.

“Calculations based on the Saudi price formula point to a small increase but because there are so many light grades coming from other regions, we expect Saudi to maintain or cut its prices to stay competitive,” a source at a North Asian refiner said.

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