ARAMCO cut its December official selling price for Arab Light to Asia by $2/bbl
to a $6.50/bbl discount to the Oman/Dubai average, the lowest level since May
2020. It trimmed December prices to northwest Europe and Mediterranean customers
by $1/bbl across grades and left US allocations unchanged; spot premiums for
Middle East crude have slid back to pre-conflict levels as exporters raise
shipments and, despite recurring tanker attacks in the Strait of Hormuz, exports
recover while weaker Asian refining margins curb buying. HSBC raised its Saudi
production forecasts, upgrading Q4 output to 8.3 mln bpd from 6.3 mln bpd,
lifting its 2027 forecast to 9.8 mln bpd from 8.8 mln bpd and expecting roughly
10.0 mln bpd by mid-2027.
