According to industry sources, Saudi Arabia is likely to slash its November crude prices for Asia despite the Middle East benchmarks posted wider declines in September.
Five respondents out of seven surveyed by Reuters predicted the November official selling price (OSP) for Arab Light crude to fall by 20 cents. If the state oil major Saudi Aramco sets prices based on its formula, it would have to reduce them by 70-80 cents.
Most of the people surveyed predicted that the heavier grades Arab Medium and Arab Heavy will see bigger price cuts of 20-40 cents on account of ample supplies.
