Aramco could hold Arab Light pricing steady due to a decline in the physical market amid weakened refinery profits.
Saudi Arabia, along with Russia, leads Opec+ efforts to boost crude prices through group-wide supply cuts and voluntary reductions.
Saudi Aramco is seen keeping Arab Light pricing to Asia for December unchanged on-month, according to the median in a Bloomberg survey of seven traders and refiners. The world’s biggest crude exporter had boosted the pricing every month after June as demand stayed healthy and stockpiles shrank. At the same time, Citigroup Inc forecast crude flows into China — the top importer — are set to “stay more moderate” as high prices may limit purchases for stockpiling.
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