Saudi Arabia has unexpectedly cut its November crude oil prices for Asia, a pricing document showed on Monday. The move surprised traders.

State oil giant Saudi Aramco set the November Arab Light official selling price for Asia at $5 a barrel below the Oman-Dubai average. That is down $3 from October.

The discount is the widest since June 2020, according to Reuters data. It went against expectations of a $3 per barrel hike in a Reuters survey.

Aramco made deeper cuts of $5 a barrel for heavier grades, Arab Medium and Arab Heavy, sold to Asia. The company is offering discounts to offset record freight rates and protect market share after regional conflict hit exports, sources said.

Separately, Aramco raised November prices for northwest Europe by $3 a barrel across all grades. It resumed exports from the Red Sea port of Yanbu. Prices for the United States were left unchanged.

OPEC+ members agreed on Sunday to keep oil production targets steady for November. Further output changes are unlikely until next year.