Saudi Arabia increases export rates to Asia
However, prices to US customers are cut further.
Saudi Arabia has increased the price of its crude exports to Asia and Europe for the month of December, whilst simultaneously cutting the price of its crude exports to the US, according to news agency Reuters.
"The market is a little surprised they’re raising their sale prices given the perception that the Saudis were more interested in preserving their market share," said Andrew Lipow, president of Lipow Oil Associates.
The further cut in U.S. prices appears to reinforce the idea that the kingdom was battling for market share, even at the risk of keeping the global oil market awash in surplus crude.
State oil firm Saudi Aramco raised its December price for its Arab Light grade for Asian customers by $0.95 a barrel versus November to a discount of just $0.10 a barrel to the Oman/Dubai average, it said on Tuesday. That reversed most of the $1.20 a barrel reduction in November's prices.