DUBAI/SINGAPORE (Reuters) – Saudi Arabia, the world’s top oil exporter, slashed prices of all crude grades to Asian customers in October versus September, but left prices to northwestern Europe and the United States steady. The price differential in September was a premium of $3 per barrel, the highest since February 2020. The deep price cuts were likely to increase demand for Saudi crude, oil traders in Asia said, encouraging buyers to nominate full volumes for October. Elsewhere, Saudi Aramco kept the price differential of light crude to northwest Europe unchanged, at a discount of $1.70 per barrel versus ICE Brent crude. It also kept the price differential of light crude to the United States unchanged at a premium of $1.35 per barrel versus ASCI.

Source: MetroXpress September 06, 2021 02:40 UTC