Saudi Arabia cuts December light crude prices for Asia
Adds more details, background
Nov 5 (Reuters) -Top oil exporter Saudi Arabia has cut theprice for the flagship Arab light crude it sells to Asia in December by 50 cents to$1.70 a barrel above the Oman/Dubai average, Saudi Aramco 2223.SE said in a statement on Tuesday.
The decrease is broadly in line with expectations, as sources at Asian refineries had said they expected the price to fall by 30 cents to 50 cents.
On Sunday, the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, said they would push back a production hike by a month from December as weak demand and rising non-OPEC supply depress markets.
Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.
Aramco also set the Arab Light OSP to Northwest Europe at minus $0.15 versus ICE Brent, an increase of 30 cents per barrel from November, according to a pricing document.
It hiked its OSPs to both Northwest Europe and the Mediterranean by 30 cents per barrel across the board.
For buyers in the United States, the Arab Light OSP was cut by 10 cents to plus $3.80 versus ASCI.
Reporting by Brijesh Patel in Bengaluru
Editing by Chris Reese and Deepa Babington
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