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Saudi Aramco has cut its December oil prices for Asian buyers to their lowest level since May 2020, in a sign of ample Middle East supply and softening demand. The state producer cut its flagship Arab Light grade for Asia by $2 a barrel from November, to a discount of $6.50 a barrel to the Oman/Dubai average, according to Reuters.

The cut was at the deeper end of market expectations. A Reuters survey of traders and refiners had expected Aramco to hold prices steady or cut by up to $2 a barrel, and Reuters attributed the move to ample Middle East supplies and weaker spot market premiums.

Europe cut too, US unchanged

Aramco also cut December prices across all grades for Northwest Europe and the Mediterranean by $1 a barrel, while leaving prices for the United States unchanged, according to the pricing document seen by Reuters. Spot premiums for Middle East crude benchmarks eased after the announcement, with Dubai's premium edging lower on Friday.

Brent's worst week in months

The cut came at the end of a bruising week for oil. Brent crude settled at $98.32 a barrel on Friday, down more than 16% over the week, as hopes of a deal to end the US-Iran conflict pulled the war premium out of prices. Attention now turns to OPEC's monthly report on 11 November and the group's full ministerial meeting on 29 November, when it is due to set its production framework for 2027.