Top oil exporter Saudi Arabia is expected to hike its prices for all crude grade...
SINGAPORE - Top oil exporter Saudi Arabia is expected to hike its prices for all crude grades it sells to Asia in November after an attack on its oil facilities led to a spike in Middle East benchmarks last month, industry sources said.
The strike against key Saudi oil processing facilities on Sept. 14 caused the kingdom’s output of Arab Light and Arab Extra Light to fall by half or 5.7 million barrels per day. Still, a faster-than-expected resumption in Saudi Arabia’s production brought output back to levels from before the attack and led to expectations of a tempered price increase, the sources said.
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