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Saudi Arabia May Reportedly Trim Prices of Oil Exports to Asia in Dec
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Saudi Arabia may lower the prices of most crude oil types sold to Asia in December due to the weak prices of Dubai, the Middle East's benchmark crude oil, Reuters, citing people with the knowledge of the matter, reported. The report, citing a survey of six oil refineries, said that the official selling price of Arab light crude oil in December may fall by US30-50 cents/ bbl MoM, while the prices of Arab medium and heavy crude oil may also be faintly reduced in December. This oil price adjustment by Saudi Arabia suggested that the market demand for oil is meager, which paves the way for OPEC+ to postpone its December production increase plan. The decision to postpone will reportedly be nailed as early as next week, by which it may be decided to postpone the December production increase plan for one month or longer. AAStocks Financial News |
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