Saudi Arabia, raised pricing for December sales of all oil grades to Asia in order to take advantage of a brief increase in demand for Middle Eastern crude, reported Bloomberg.
While the state-owned, Saudi Aramco, increased its pricing for Arab Light crude to Asia by $0.90 per barrel with a premium of $0.45 over the regional benchmark. Furthermore, the company also raised the pricing of all grades to northwest Europe, and all grades to the Mediterranean. Yet, it had left Arab Heavy unchanged. However, it cut pricing of the Arab Heavy grade to the U.S. by $0.40 and left the other grades unchanged, according to Gulf News.
In July, Saudi Arabia boosted output to a record high. Two months later, the Organization of Petroleum Exporting Countries (OPEC) ended a two-year Saudi-led policy of letting members pump as much as possible to push higher-cost producers out of the market. OPEC aims to allocate production quotas to its individual members during at a meeting in Vienna late November.