Top oil exporter Saudi Arabia raised the November price for its flagship Arab light crude to Asia to its highest since July.

The November official selling price (OSP) for Arab Light was set at $2.20 a barrel above the Oman/Dubai average, Saudi Aramco said in a statement late on Saturday.

The latest figure is up 90 cents from October, which was near a three-year low on concern over weak demand in Asia.

The market had expected a smaller increase, of about 65 cents a barrel, ING analysts said in a note on Monday.

The size of the increase is probably a reflection of supply-side risks rather than demand, one trader said.

The increase follows recent gains in global oil futures prices on supply concerns. The Brent and WTI benchmark contracts rose by more than 8% and 9% respectively last week on the risk of widening conflict in the Middle East.

Asia accounts for about 80% of Saudi Arabia’s oil exports.

Saudi Aramco lowered prices for other regions including the Mediterranean, North America and north west Europe.

The lower prices are aimed at regaining market share in those regions, said LSEG oil analyst Anh Pham.
Source: Reuters (Reporting by Adam Makary in Cairo and Emily Chow and Siyi Liu in Singapore, Editing by David Goodman)