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06 October 2019
WEALTH MANAGEMENT

Saudi Arabia raised oil pricing to Asia after attacks cut output

Saudi Aramco increased its official selling price for Arab Light crude for November shipment to buyers in Asia by 70 cents a barrel to a premium of $3 above the Middle East benchmark.

BLOOMBERG/SIMON DAWSON


Saudi Arabia, the world’s biggest crude exporter, raised all pricing for November oil sales to Asia as refining margins rose and the Kingdom’s state oil producer pulled out the stops to maintain supply after attacks briefly knocked out half its output in September 2019, reported Bloomberg.

Saudi Arabia experienced the worst-ever attack on its energy infrastructure when drones smashed into some of its biggest crude-processing facilities. The attacks at Abqaiq and Khurais in the Kingdom’s east caused Saudi Aramco to halt 5.7 million barrels a day of Light crude production.

The country has succeeded in raising output to 9.9 million barrels a day, said Prince Abdulaziz bin Salman, the Saudi Energy Minister.


RELATED STORIES: PRINCE ABDULAZIZ BIN SALMAN SAUDI ARAMCO ARAB LIGHT CRUDE ABQAIQ KHURAIS

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