Search ForexCrunch

According to a Reuters survey of sources at five Asian refineries showed on Thursday, the world’s top oil exporter Saudi Arabia is expected to hike its prices for all crude grades it sells to Asia in November, in the wake of a spike in Middle East benchmarks last month following an attack on Saudi’s oil facilities.

Key Findings:

“The official selling price (OSP) for flagship Arab Light crude in November is expected to rise by at least 50 cents a barrel from the previous month to the highest since July

Cash Dubai’s spot premiums were on average 65% higher after the attack, and DME Oman’s premiums were up 29% on average, Reuters calculations showed.

Spot premiums for Abu Dhabi’s Murban crude, a key indicator of light sour oil prices in Asia, also surged to their highest since 2013 right after the attack.”