Saudi Arabia lowered prices for November oil sales to Asia and the U.S. as the country tries to protect market share despite falling oil prices. The state-owned Saudi Aramco cut the Arab Light crude oil price to Asia by $1.70 a barrel. The company also lowered its Heavy crude oil price by $ 2 a barrel for the Far East, and by $0.30 a barrel for the United States.

Saudi Arabia decided to lower its selling prices after Iran, Iraq and other countries in the Middle East cut its prices the last month.