Monday, September 20, 2021

Saudi Arabia lowers light crude prices to Asia; US, Europe prices steady By Reuters

Saudi Arabia lowers light crude prices to Asia; US, Europe prices steady© Reuters. FILE PHOTO: An employee holds a sample of crude oil at the Yarakta oilfield, owned by Irkutsk Oil Co, in the Irkutsk region, Russia on March 11, 2019. REUTERS/Vasily Fedosenko

DUBAI (Reuters) – Saudi Arabia lowered its prices to Asian customers in October versus September, though left prices to northwestern Europe and the United States steady.

Oil giant Saudi Aramco (SE:) lowered the price differential of light crude for delivery to the Far East in October to a premium of $1.7 per barrel versus the average of Oman and Dubai crudes, according to a company pricing document. The price differential in September was a premium of $3 dollars per barrel.

The company kept the price differential of light crude to northwest Europe unchanged, at a discount of $1.7/barrel versus ICE (NYSE:) . It also kept the price differential of light crude to the United States unchanged at a premium of $1.35/barrel versus ASCI.

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