Saudi Aramco cuts November oil prices for Asia to six-year low, raises prices for Europe

On October 5, 2026, Saudi Arabia's state oil company, Saudi Aramco, cut its November crude oil prices for Asian buyers to a six-year low, setting Arab Light at a $5 per barrel discount to the Oman/Dubai benchmark, down $3 from the previous month. The move surprised analysts who expected a hike. The cuts aim to compensate for record freight costs and logistical disruptions from the US-Israeli conflict with Iran. Meanwhile, Aramco raised prices for northwest Europe by $3 and kept US prices unchanged.