Top oil exporter Saudi Arabia may cut the prices of most crude grades to Asia in December as weaker-than-expected fuel consumption in China amid its strict COVID-19 rules put a lid on regional demand, trade sources said.
State oil giant Saudi Aramco may lower the official selling price for its flagship Arab Light crude by about 30 to 40 cents per barrel in December, according to five respondents surveyed by Reuters.
The premium of the first-month Dubai price over the third-month Dubai price narrowed by 59 cents during oil cargo trading in October versus the difference in September. That softening in the backwardation, or the structure when prompt prices are higher than for later delivery, suggests lower demand for oil.
China in late September issued an additional 15 million barrels of new export quotas to boost its faltering economy, but some refineries have said the incentives to hike operational rates are low because of poor margins.
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