October 3, 2019 / 12:15 PM / 17 days ago

UPDATE 2-Saudi Arabia increases Asia selling price of its Arab light crude for Nov

 (Adds tables)
    DUBAI, Oct 3 (Reuters) - Saudi Arabia has set its November
Arab light crude oil official selling price to Asia at a premium
of $3 to the Oman/Dubai average, up 70 cents a barrel from
October, according to a statement from state oil company Saudi
Aramco on Thursday.
    Aramco lowered its selling price for Arab light crude oil to
Northwestern Europe to a discount of $2.85 a barrel to ICE Brent
settlement, down $1.60 a barrel from the previous month. 
    Saudi Arabia kept its November Arab light crude oil official
selling price to the United States at plus $2.95 versus ASCI,
unchanged from October.
    Top oil exporter Saudi Arabia was expected to hike its
prices for all crude grades it sells to Asia in November after
an attack on its oil facilities led to a spike in Middle East
benchmarks last month, industry sources said.             
    The strike against key Saudi oil processing facilities on
Sept. 14 caused the kingdom's output of Arab Light and Arab
Extra Light to fall by half, or 5.7 million barrels per day.
    The disruption forced Aramco to draw down inventories,
switch grades, delay loadings and cut domestic refinery
throughput to meet supply commitments to customers.             
    Below are a tables for November prices in U.S. dollars 
              Nov    OCT    CHANGE
EXTRA LIGHT   +4.50  +4.50   0.00  
LIGHT         +2.95  +2.95   0.00 
MEDIUM        +1.35  +1.35   0.00  
HEAVY         +0.60  +0.60   0.00  

Prices at Ras Tanura destined for Northwest Europe are set
against ICE Brent:

             NOV     OCT    CHANGE
EXTRA LIGHT  -0.40   +1.10  -1.50  
LIGHT        -2.85   -1.25  -1.60 
MEDIUM       -5.20   -3.80  -1.40 
HEAVY        -7.20   -5.95  -1.25 
Saudi term crude supplies to Asia are priced as a differential
to the Oman/Dubai average:

               NOV     OCT     CHANGE
SUPER LIGHT   +4.35    +4.15   +0.20 
EXTRA LIGHT   +3.60    +2.90   +0.70    
LIGHT         +3.00    +2.30   +0.70   
MEDIUM        +2.35    +1.65   +0.70 
HEAVY         +0.95    +0.35  +0.60 

Prices at Ras Tanura for Saudi oil destined for the
Mediterranean are set against the ICE Brent:

                NOV     OCT    CHANGE
EXTRA LIGHT     +1.05   +2.05  -1.00   
LIGHT           -1.70   -0.10  -1.60   
MEDIUM          -4.20   -2.55  -1.65   
HEAVY           -6.05   -4.35  -1.70 

 (Reporting by Tuqa Khaled, Dahlia Nehme and Florence Tan;
Editing by Deepa Babington and Mark Potter)
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