Core Viewpoint - Saudi Arabia is expected to reduce crude oil prices for Asia in January to the lowest premium in five years, aiming to maintain market share amid high supply and declining Middle East benchmarks [1]. Pricing Adjustments - Aramco is likely to cut the official selling price (OSP) of Arab Light crude by $0.30-$0.40 per barrel, setting the premium at $0.60-$0.70 per barrel above the Oman/Dubai benchmark for January loadings [2]. - The premium for January will be the lowest since January 2021, following a previous reduction in December from $2.20 to $1.00 per barrel [3]. Market Conditions - The market anticipates this price reduction due to a $0.30 decline in Middle East spot benchmarks in November compared to October, alongside increased output from OPEC+ [4]. - Saudi Arabia is raising production significantly, reflecting its largest share of OPEC+ quotas [4]. Upcoming Announcements - The pricing announcement from Saudi Arabia is expected next week, following the OPEC+ meeting, where producers are likely to maintain their decision to pause production increases in early 2026 [5]. - Saudi Arabia typically announces crude pricing around the fifth of each month, influencing the pricing strategies of other major Middle Eastern oil producers [6].

Core Insights - Exxon Mobil reported a decline in profit for the third quarter, primarily due to lower oil prices and increased costs, despite a rise in production from two key oil fields [1] Financial Performance - The company experienced lower profits compared to previous quarters, indicating a challenging financial environment [1] - Weaker oil prices have significantly impacted revenue generation [1] - Higher operational costs have further strained profitability [1] Production Insights - Exxon Mobil has increased production at two important oil fields, which may provide some offset to the declining profits [1]

Occidental Petroleum CEO Vicki Hollub sees oil pricing between $58 and $62 a barrel through 2026, she said Tuesday at the Energy Intelligence Forum in London https://t.co/e4jAopxO2c ...