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Aramco Cuts Asia Oil Prices to Six-Year Low, Raises Prices for Europe

Saudi Aramco has raised oil prices for European-bound cargoes in November but has cut prices for Asian buyers to the lowest in six years, Reuters reported today, noting analysts had expected price hikes. According to the pricing information, Aramco will be offering Arab Light at a discount of $5 per barrel to the Dubai/Oman benchmark for Asian buyers next month. The cut amounted to $3 per barrel and is the lowest since June 2020, according to Reuters records. For European buyers, on the other hand, the November oil price will be $3 per barrel higher…