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Saudi to Give Full Nov Volumes to 5 Asian and 4 EU Buyers

OIL

Saudi Arabia will give full November contractual crude oil volumes to at least five Asian customers and to at least four European customers according to Bloomberg.

  • Last week Saudi Aramco left the OSP for Arab Light to Asia unchanged at 5.85$/bbl in November and cut the differential to Europe by 1.8$/bbl to 0.9$/bbl.
  • Saudi Arabia sells most of its oil under long term contracts to Asia but the lower prices for Europe could be to help maintain market share and boost supplies to the continent as more Russian oil flows to Asia.

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