Saudi Arabia is expected to raise the price the of its Arab Light crude in the Asian market for the month of October, according to a Reuters’ survey.
Asian prices for Arab Light are expected to rise by $0.20-$0.50 per barrel due to continued regional demand, Reuters reports. But even as prices for Arab Light are expected to rise, the survey indicated that prices will remain relatively constant for the country’s Arab Heavy crude.
The move would reverse the country’s recent trend to cut oil prices in order to maintain market share in the burgeoning Asian market. Saudi Aramco cut its prices to the region in August, Bloomberg reported.
US crude prices have fallen in the aftermath of Tropical Storm Harvey, according to Reuters. The storm has impeded refinery production in the US, causing gasoline prices to rise and crude prices to fall.
Reuters surveyed crude refiners and traders to gauge market expectations.