Refiners Expect Saudi Arabia To Raise Oil Prices For Asia In November
Saudi Arabia may raise the prices for its crude export grades to Asia next month in response to signs of recovering crude demand in one of its biggest markets and the new batch of fuel export quotas issued by Beijing. As a result of this higher demand, Saudi Arabia’s official selling prices could rise by $0.25 per barrel for the flagship Arab Light crude. The new quotas suggest higher near-term demand for crude but, on the other, refining margins have sunk after the announcement of the new quotas in anticipation of a flood of new fuel supply. Experts believe that this will lead to a moderate increase in Saudi prices.