Daily Management Review

Saudi Aramco sharply increases oil prices


Saudi Arabia's state-owned oil and gas company Saudi Aramco has raised its November selling prices for oil for Asia, the US and Europe, Bloomberg reported, citing pricing documents.

"Saudi Arabia has sharply increased prices for all oil for all buyers," the agency reported.

In particular, Saudi Aramco raised the selling price of Arab Light, on which other grades are priced, by $1.4 a barrel for December for Far East buyers - now $2.7 a barrel higher against the Oman/Dubai basket of grades. Markets were expecting an increase of only $0.5-1 per barrel, the agency wrote.

OPEC+ held a meeting on Thursday in which the alliance decided not to accelerate the increase in oil production. It has been increasing production by 400,000 bpd per month since August 2021, expecting to phase out restrictions by the end of September 2022.

source: bloomberg.com