Saudi Arabia has sharply reduced official selling prices for crude oil supplied to Asian countries, setting the lowest levels seen in about six years.
State-owned oil giant Saudi Aramco announced its pricing for November, offering a significant discount for Asian buyers. The benchmark Arab Light grade has been priced about ₹480 per barrel below the Oman/Dubai reference, and around ₹288 per barrel lower than the level set for October.
Aramco also cut prices for Arab Medium and Arab Heavy grades, with reductions of up to about ₹488 per barrel.
In contrast, Saudi Arabia raised prices for Northwest Europe and the Mediterranean by about ₹288 per barrel, while keeping prices for the United States unchanged.
The discounts come as regional conflicts and transport disruptions have pushed sea freight rates to record highs. By lowering prices, Saudi Arabia is seeking to offset higher shipping costs faced by Asian customers and protect its market share—an adjustment expected to provide some relief to key importers such as India, which sources about 10%–18% of its total imports from Saudi Arabia and is currently importing around 517,000 barrels per day in September.
