Amid rising economic tensions, Saudi Aramco reduces December prices for Arab Light and other crude grades in Asia by up to 50 cents per barrel
Aramco December oil prices saw a reduction as the world’s leading oil producer announced a price cut for its Arab Light crude for Asian markets. In its latest price update, Aramco lowered the official selling price (OSP) by 50 cents per barrel, setting it at $1.70 above the regional benchmark. Similar 50-cent cuts were applied to Arab Extra Light and Super Light grades, while Arab Medium and Heavy grades experienced smaller reductions of 40 cents per barrel.
Aramco has also adjusted its prices for other regions. In North America, the December OSP for Arab Light crude now sits at $3.80 per barrel above the Argus Sour Crude Index. In Western Europe, the price for Arab Light has been set at a modest $0.15 above the ICE Brent benchmark, reflecting the varying demand and market dynamics across global regions.
Embed from Getty ImagesSaudi Aramco offers five key crude grades—Super Light, Arab Light, Arab Extra Light, Arab Medium, and Arab Heavy—each tailored to specific market needs based on density. Super Light has a density above 40, while Arab Extra Light ranges between 36 and 40, Arab Light falls between 32 and 36, Arab Medium between 29 and 32, and Arab Heavy, the densest grade, is below 29.
These price adjustments come at a time when global oil markets are under significant strain. Crude prices recently dropped 2.5 per cent, halting a five-day rise, due largely to the strengthening US dollar and emerging speculation around Donald Trump’s potential return to the White House. Historically, a stronger dollar has pressured commodity prices, as it makes oil costlier for foreign buyers. The decision to lower Aramco December oil prices reflects these global economic pressures and aims to maintain competitiveness in the Asian market.
On Wednesday, Brent crude futures dropped to $73.64 per barrel, a 2.5 per cent dip from the prior $75.53, while West Texas Intermediate (WTI) crude fell to $70.22, down by 2.45 per cent. This price volatility reflects the impact of broader economic factors, including OPEC+’s decision to delay its production plans, ongoing tensions in the Middle East, and recent signs of economic improvement in China. With China being the world’s largest crude importer, its economic health has a strong influence on global oil demand.
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