Saudi Arabia is expected to cut the official selling price of its Arab Light crude for Asia in December by $1.20-$1.50 per barrel, reducing the premium over the Oman/Dubai benchmark to a multi-month low of $0.70-$1.00 per barrel. This decision comes as OPEC+ plans to increase production, prompting a scramble for non-Russian supply in India and China. The Saudi pricing announcement will follow the upcoming OPEC+ meeting, where producers are leaning towards another 137,000 bpd increase in total quota. Uncertainty about Russian supply due to U.S. sanctions on Rosneft and Lukoil may impact the price cuts.

Read more at Yahoo Finance: Saudi Arabia Poised to Cut Oil Prices for Asia Amid OPEC+ Output Rise