Saudi Arabia is expected to increase oil prices for Asia in December, while reducing prices for the US at the same time, according to Bloomberg.
“Asia’s refinery margins are good, so the Saudis see enough demand to warrant slightly higher prices,” Bloomberg wrote, citing Ole Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen.
Saudi Arabian Oil Co. has increased the price for Arab Light crude oil to Asia by $0.3 per barrel. For US customers the price of Arab Light crude oil will decline by $ 0.2 per barrel.
Aramco sets the price of oil based on the recommendations of clients, profitability and production expenses.
According to OPEC, in September Saudi Arabia reduced oil production by 48 thousand barrels per day.
