Market Analysis: Saudi Arabia's October oil price reduction was greater than expected.

Saudi Aramco officially lowered the price of Arab light crude oil sold to Asia, with a reduction that exceeded market expectations. This indicates that the world's largest oil exporter is increasing production while enhancing the attractiveness of its oil through pricing. Analysts at DNB Carnegie stated that the price was reduced by $1 per barrel, surpassing the market's previous expectation of a $0.50 per barrel decrease. The analysts suggest that this could mean Saudi Arabia is using pricing as a method to push the increased production into the market.