• 6 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 1 hour Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 23 mins OP Kennedy article : "Trump blasts Biden Fracking Plan . . . "
  • 15 hours America's Frontline Doctors - Safely Start Living Again!
  • 21 hours France Sees 10.6% EV Market Share In September — 4× Growth Year On Year
  • 21 hours Conoco Pledges ‘Net-Zero’ Emissions in Break With U.S. Rivals
  • 17 hours Vote Biden for Higher Oil Prices
  • 2 days Something wicked this way comes
  • 2 days Permian in for Prosperous and Bright Future
  • 2 hours Clean Energy Is Canceling Gas Plants
  • 16 hours Tesla Model 3 Is September's Top Selling Car of All Vehicles in Switzerland
  • 4 hours "COVID Kills Another Oil Rally" by Tom Kool 10/16/2020
  • 21 hours TX NATGAS flaring
  • 1 day GPOR - Gulfport Oil - Why?
  • 1 day covid. stop the carriers and thus stop the virus.
  • 2 days A sneak peak into the US election
  • 3 days California’s Electric Vehicle Dream Has A Major Problem: No
Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Saudi Arabia Boosts Prices Of Flagship Crude Oil Blend

Oil markets might be looking up, if Saudi’s official oil selling price actions are any indication—and they usually are.

Saudi Arabia has raised the official selling price of its Arab Light crude oil sold to Asia for the month of November, according to Bloomberg.

Saudi Arabia’s price hike of its flagship crude grade to its most prolific market is a sign that the market might be looking up—or at least that Aramco thinks it is looking up, as Asia refining markets increased over the last week of September.

Asian refineries’ profit markets for jet fuel, in particular, have reached their highest levels in months, according to Reuters, as demand picks up in the runup to the winter months. Margins are still depressed, however, compared to usual margins, with Asian jet fuel demand expected to be 700,000 bpd lower in the fourth quarter than this time last year

It is this winter heating season in Asia that is expected to bolster, albeit temporarily, demand for refined products and, ultimately crude oil.

Traders have long followed the world’s largest oil exporter’s pricing actions to Asia for indications of what’s to come. Other Middle Eastern crude exporters also typically follow Aramco’s lead.  

Aramco is lowering November prices for crude headed to the Mediterranean region, suggesting a softening might be on the horizon there. It’s price to the United States will be held steady.

Aramco cut its OSP for Asia for the months of September and October, but renewed bullishness in the markets have changed minds in Riyadh.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on October 07 2020 said:
    Saudi Arabia is the weather vane of the global oil market and prices. So when it boosts the price of its Arab Light crude oil sold to Asia, this means two things: the global oil market is looking up and /or there is a shortage of light oil supply to the Asian market.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News