Saudi slashes crude prices to Europe

Top oil exporter Saudi Arabia slashed its November official crude selling prices to Europe, but raised them for Asian customers, traders said on Wednesday.

The kingdom cut its Arab Light crude price to Europe via Ras Tanura to BWAVE minus $3.35, down 90 cents from October.

Saudi Arabia also reduced its Arab Light crude price to Europe via Sidi Kerir to BWAVE minus $2.60, down $1.05 from the previous month.

US refiners will also pay less with Arab Light shipments down $1.80 from the previous month to a discount of $6.90 a barrel to US West Texas Intermediate (WTI) crude.

But the kingdom raised prices to its Asian customers, which buy more than half of its exports.

Saudi raised its Arab Light crude price to Asia to Oman/Dubai average plus $2.35, up $1 from October.

Saudi also increased its Arab Heavy crude price to Asia to Oman/Dubai average minus $3.10, up 25 cents from the previous month.

Saudi prices usually set the trend for Iranian, Kuwaiti and Iraqi prices, impacting more than 8 million barrels per day of crude sold to Asia. - Reuters

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