Saudi Arabia may cut Dec oil prices for Asia

SINGAPORE, Nov 1 (Reuters): Top oil exporter Saudi Arabia may cut prices for most of the crude grades it sells to Asia in December, tracking weakness in Middle East benchmark Dubai, trade sources said.

Price cuts for Saudi oil would signal weak demand and provide more evidence for the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and its allies including Russia, a group known as OPEC+, to potentially delay plans to increase production from December.

The official selling price (OSP) for flagship Arab Light crude may fall by 30 to 50 cents a barrel in December from the previous month, a Reuters survey of six refining sources showed, in line with a similar drop in Dubai price spreads last month.

Spot premiums for Middle East crude fell last month as the Asia market was well supplied while demand from key buyers such as China remained lacklustre despite a rebound in refining margins.