Just a few days ago Saudi Arabia was curtailing plans to increase production.
Didn't they cut prices to China?
Actually SA just raised their prices to Asia....
(Bloomberg) -- Saudi Arabia raised pricing slightly for its flagship
crude oil shipped to Asia, the first sign of strength in the physical
market after a month and a half of weakness and crashing refining
The increase in November pricing marks a change in course
for the world’s biggest exporter after it pared prices in September and
October as crude use stagnated. It’s potentially a sign of confidence
that OPEC+ supply cuts will buoy the market even as the pandemic crimps
State oil producer Saudi Aramco raised pricing for Arab
Light crude for Asia, its largest regional market, by 10 cents a barrel
to 40 cents less than the benchmark. Aramco had been expected to
increase pricing for the grade by as much as 20 cents a barrel, to a
discount of 30 cents below the Middle East benchmark, according to
estimates in a Bloomberg survey of eight traders and refiners.