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

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

REUTERS

Saudi Arabia lowered its light crude oil prices to Asian customers in October versus September, though left prices to northwestern Europe and the United States steady.

Oil giant Saudi Aramco 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 Brent crude. It also kept the price differential of light crude to the United States unchanged at a premium of $1.35/barrel versus ASCI.

Reporting by Maher Chmaytelli; Editing by Pravin Char