Saudi Arabia Surprises Markets by Holding Oil Prices Steady Despite OPEC+ Cuts

Saudi Arabia Surprises Markets by Holding Oil Prices Steady Despite OPEC+ Cuts

Just a day after OPEC+ roiled the White House with its decision to slash oil production by 2 million barrels per day, the cartel’s key decision-maker Saudi Arabia decided to hold crude prices steady for Asian markets and lower those for Europe, defying market expectations for increases.

Saudi Arabia’s state-controlled Saudi Aramco left November prices unchanged on its Arab Light grade crude at $5.85 per barrel premium above the average of the regional Oman/Dubai benchmark.

A Bloomberg survey of traders and refiners showed that markets expected the price of Arab Light to go up by 40 cents,…

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