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Tuesday, October 6, 2015

Crude Oil News Update for Today

Crude Oil News Update for Today


Moscow had been unwilling in the past to cut its oil output to support prices. Russia, one of the world's top three oil producers, said it was prepared to meet OPEC and non-OPEC oil producers to discuss the market if such a meeting is called. A separate meeting between Russian and Saudi officials was being planned for the end of October, Russian Energy Minister Alexander Novak has said.

Saudi Arabian Oil Co. reduced its official selling price to Asia next month to a discount of $3.20 a barrel below the regional benchmark, compared with a $1.30 discount for October sales, the company said. The discount for the Medium grade to Asia, the main market for Saudi crude, widened by the most since the state-owned company made a $2 a barrel cut in February 2012, according to data compiled by Bloomberg.

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