Saudi Arabia slashes November oil price for Asia while lifting rates for Europe

In a surprising shift, Saudi Arabia announced a November price cut for Arab Light crude exported to Asian markets, pricing it $5 a barrel lower than the average Oman and Dubai rates, marking the widest discount since mid-2020. Heavier grades such as Arab Medium and Arab Heavy were also reduced by $5 per barrel for Asian customers. Conversely, the kingdom raised the November price for northwest Europe and Mediterranean destinations by $3 per barrel after restarting exports from the Red Sea port of Yanbu, while U.S. prices stayed flat.

The adjustments come as OPEC+ members reaffirmed their production targets for November, suggesting no further output changes are expected until next year. Analysts view the Asian discount as a tactic to preserve market share amid high freight costs, whereas the European hike reflects improved logistics after the Red Sea disruptions. The pricing differentials highlight Saudi Arabia’s strategic balancing of regional demand and supply dynamics.