State-controlled Saudi Aramco has reduced all but one of the official formula prices for its November-loading crude exports.
All prices have been cut with the exception of US-bound cargoes of Arab Extra Light, which have been kept unchanged at a $2.40/bl premium to the ASCI benchmark. November prices for Aramco's other crude grades have been trimmed by 10¢/bl on the month for US buyers.
For customers in Aramco's core Asia-Pacific market, the firm has reduced prices by 10-50¢/bl from October.
Prices for buyers in northwest Europe have been cut by 50¢-$1/bl, while Mediterranean customers will see reductions of 30-65¢/bl on a fob Ras Tanura and fob Sidi Kerir basis. Traders in northwest Europe and the Mediterranean had expected 40¢/bl month-on-month declines.
The price cuts coincide with another increase in Saudi Arabia's Opec+ crude production quota. The country's ceiling rises to 9.913mn b/d in November from 9.809mn b/d in October.
| Saudi Aramco crude official formula prices | $/bl | ||
| November | October | ± | |
| United States (vs ASCI) | |||
| Extra Light | 2.40 | 2.40 | 0.00 |
| Arab Light | 1.25 | 1.35 | -0.10 |
| Arab Medium | 0.55 | 0.65 | -0.10 |
| Arab Heavy | 0.10 | 0.20 | -0.10 |
| Northwest Europe (vs marker crude Ice Brent) | |||
| Extra Light | -1.80 | -0.80 | -1.00 |
| Arab Light | -2.40 | -1.70 | -0.70 |
| Arab Medium | -2.80 | -2.30 | -0.50 |
| Arab Heavy | -3.70 | -3.20 | -0.50 |
| Asia-Pacific (vs Oman/Dubai) | |||
| Super Light | 3.05 | 3.15 | -0.10 |
| Extra Light | 1.80 | 2.00 | -0.20 |
| Arab Light | 1.30 | 1.70 | -0.40 |
| Arab Medium | 1.05 | 1.45 | -0.40 |
| Arab Heavy | -0.10 | 0.40 | -0.50 |
| Mediterranean fob Ras Tanura (vs marker crude Ice Brent) | |||
| Extra Light | -1.10 | -0.80 | -0.30 |
| Arab Light | -2.30 | -1.80 | -0.50 |
| Arab Medium | -3.10 | -2.50 | -0.60 |
| Arab Heavy | -3.80 | -3.20 | -0.60 |
| Mediterranean fob Sidi Kerir (vs marker crude Ice Brent) | |||
| Extra Light | -0.50 | -0.15 | -0.35 |
| Arab Light | -1.70 | -1.15 | -0.55 |
| Arab Medium | -2.50 | -1.85 | -0.65 |
| Arab Heavy | -3.20 | -2.55 | -0.65 |
| Source: Saudi Aramco | |||
