Saudi Arabia cuts oil prices to Asia - BBG

Bloomberg reported late-Wednesday that Saudi Arabia cut prices for November oil sales to Asia and Northwest Europe and for most grades to other regions amid persisting global supply glut.

State-owned Saudi Arabian Oil Co., known as Saudi Aramco, lowered its official pricing for Arab Light crude to Asia by 25 cents a barrel to 45 cents less than the regional benchmark

According to the statement, Saudi Aramco cut the premium for Arab Light crude to the US by 10 cents a barrel to 35 cents a barrel more than the benchmark.

Aramco also cut all pricing for Northwest Europe and for the Mediterranean region, widened the discounts on Light and Heavy grades, raised pricing for Extra Light and kept Medium crude unchanged.