SINGAPORE: Top oil exporter Saudi Aramco has asked Asian buyers to lift more crude in October after the kingdom made deeper-than-expected price cuts for all grades amid growing supply, three sources familiar with the matter said.
As it seeks to reclaim market share, Aramco spoke to Asian buyers on the sidelines of this week's APPEC conference in Singapore, nudging them to lift more crude in October, two of the sources said. This has partly led to a delay in the allocation of October supply to its customers until possibly next week, one of them added. Aramco did not respond to a request for comment.
On Monday, the state producer set the October price for its flagship Arab Light crude to Asia at $2.20 a barrel above the Oman/Dubai average, down $1 per barrel from a five-month high in September.
The price cut followed a weekend decision by OPEC+ to raise production by 137,000 barrels per day in October. The group has already boosted production targets by 2.5 million bpd since April. Analysts said the move indicated OPEC+ is prioritizing market share even if it risks softer prices. — Reuters
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