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Saudi Aramco Shakes Up Markets With November Oil Price Hike

The world’s largest oil exporter, Saudi Aramco, has lifted the price of its crude oil for November, according to a company document released on Thursday.

Aramco’s Official Selling Prices (OSPs) typically lead the pricing moves for the oil industry, including for oil from Iran, Kuwait, and Iraq, who let Saudi Arabia lead.

While crude oil prices for all grades were unchanged to the North American market, crude oil prices for all grades to Northwest Europe and the Mediterranean saw substantial increases. 

For North West Europe, barrel prices were lifted by $1.20 per barrel for Extra Light, and $1.50 for Light, Medium, and Heavy grades. For the Mediterranean market, Aramco lifted its price of Extra light by $1.50 per barrel for November, to $7.70 over ICE Brent. Aramco raised the price of its Light, Heavy, and Medium grades to the Mediterranean market by $1.90 per barrel, with the price for Light set at $6.30 over ICE Brent. 

Aramco did not change its price of Super Light, Medium, and Heavy grade oil to its prized market, Asia, but raised its price for Extra Light and Light by $0.50 and $0.40, respectively. It is the fifth straight month of increases for Arab Light to Asia.

Brent crude was trading down $0.44 (-0.51%) on Thursday morning at $85.37 per barrel, while the U.S. benchmark, WTI, was trading down $0.35 (0.42%) at $83.87 per barrel on the day. 

Aramco typically releases its Official Selling Prices around the fifth of each month, typically only after OPEC+ has had a chance to meet and determine output changes, if any. The company does not officially provide commentary on its pricing changes.

Refiners sometimes balk at significant hikes in Aramco’s oil prices and make voluntary cuts to crude oil term nominations following the announcement.

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By Julianne Geiger for Oilprice.com

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