Saudi Arabia, the world’s top oil exporter, has cut the official selling price for the Arab Light crude it sells to Asia a day after OPEC+ producers agreed to raise output.
The kingdom set the October price at $2.20 a barrel above the Oman/Dubai average, $1 below the September price, according to a document seen by Reuters.
The decrease was more than the 40-70 cents expected in a Reuters survey of refining sources.
Oil gains after OPEC+ output hike seen modest
The October prices for other grades – Arab Extra Light, Arab Medium and Arab Heavy – fell by 90 cents to $1, the document said.
Saudi Arabia’s move comes a day after eight producers from the Organization of the Petroleum Exporting Countries and allies led by Russia agreed to raise production by 137,000 barrels per day in October, targeting higher market share.
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