Saudi Aramco has cut prices for Asia-bound cargoes in November 2021 by 10-50 cents per barrel, with the heaviest Arab Heavy stream seeing the most marked month-on-month change Seemingly eager to continue the pricing battle with Saudi Arabia, Iraq’s state oil marketing company SOMO mirrored the month-on-month changes of the Saudi NOC and cut the November OSPs of its three Basrah grades to Asian customers by 40-50 cents per barrel Iran’s national oil company NIOC followed in the footsteps of Saudi Arabia and dropped its Asian formula prices by 35-40 cents per barrel, though Iranian Light did gain marginally The ongoing energy crunch has put a lid on what seemed to be the ideal bull run for this year’s autumn season – OPEC+ has maintained rigorous discipline even after it concluded a new supply cut agreement until end-2022, whilst demand for energy was growing much more robustly than anyone […]