🛢 SAUDI ARABIA JUST STUNNED THE ENTIRE OIL MARKET

Saudi Aramco has cut the November price of its Arab Light crude for Asia to $5/barrel below the Oman/Dubai benchmark. It's the deepest discount in 6 years, since June 2020.

The twist: traders were expecting Aramco to raise prices by as much as $5/barrel. Instead, the price was cut by $3 from October.

Aramco also moved in opposite directions by region: prices for Europe went up $3, while prices for the US were left unchanged.

Industry sources say the cut helps offset rising freight costs tied to risks around the Strait of Hormuz. Aramco may also be defending its market share in Asia as Middle East oil flows recover.

For Asia's oil importers, this is a signal worth watching.

🔗 https://x.com/CryptoThreadsX/status/2107402442019389449

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