Aramco lowers oil sales prices for Asian customers following OPEC's decision to postpone production increase.

The Kingdom of Saudi Arabia has reduced crude oil prices for buyers in Asia for December, following the decision of the OPEC+ alliance to postpone an increase in oil production and abandon plans to raise output for one month, i.e., until after December, according to the British news agency Bloomberg. Saudi Aramco, which is managed by the Kingdom, is set to sell its Arab Light crude at a premium of $1.70 per barrel over the regional benchmark, according to the company's price list, compared to $2.20 this month. It was anticipated that Aramco would lower the premium by 45 cents per barrel, based on results from a survey of traders and refineries. The news agency mentioned that slowing demand growth, particularly the decline in crude oil consumption in China, and concerns that an increase in oil supply could double the amount of crude in markets; have helped keep oil prices under control this year.