Saudi Arabia's official export prices are falling. File Image / Pixabay
State-controlled oil producer Saudi Aramco has lowered the country's official formula prices for crude exports to the lowest level in four months, according to price reporting agency Argus Media.
The October formula price for Asia-bound Arab Light exports has been set at a 50¢/bl discount to Oman-Dubai assessments, down by $1.40/bl from the previous month, Argus reported Monday.
The move is a sign of continued weakness in crude markets despite producer coalition OPEC easing its production cuts from the start of August. Expectations of further COVID-19 lockdown measures emerging in the coming months may be holding back demand.