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Aramco cuts Asia crude price for November
Saudi Aramco has lowered its oil prices for buyers in Asia for November, with the light Arab crude reaching its lowest level in six years, discounted by $5 per barrel compared to the average of Oman and Dubai grades, down from a $2 discount in October. The prices for the medium and heavy Arab crude grades have also been reduced by approximately $5. This decline in prices comes amid rising costs for hiring oil tankers, which reached $1.2 million daily in the past week, compared to around $80,000 a year ago, reflecting challenges in the global oil market.
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