Saudi Aramco is expected to keep the price of its flagship crude grade for shipping to Asia in December unchanged from November’s pricing in view of lower refining margins in its top market, a Bloomberg survey showed on Monday. Saudi Arabia’s state oil giant Aramco typically announces the prices for the following month around the fifth of each month, setting the pricing trend for the other Middle Eastern oil exporters.
Early this month, Saudi Arabia extended its voluntary production cut of 1 million barrels per day bpd through December 2023 and on the following day Aramco raised the OSP for its flagship crude grade for Asia for a fifth consecutive month. Saudi Aramco raised the price of Arab Light, its flagship crude grade, for Asia for November loading. The price hike of $0.