Monday 18 January 2021
 
»
 
»
Story

Saudi Aramco raised its February price for Arab Light grade for Asian customers by $0.60

Saudi Arabia raises February crude prices to Asia

DUBAI, January 5, 2016

Saudi Aramco on Tuesday raised its February price for Arab Light grade for Asian customers by $0.60 versus January to a discount of $0.80 a barrel to the Oman/Dubai average.
 
Saudi's monthly oil prices set the direction for other Opec producers Kuwait, Iran and Iraq which have undercut the top exporter in the last two years in a battle for market share amid low prices.
 
Saudi Aramco kept its Arab Light official selling price (OSP) to the US unchanged at a premium of $0.15 per barrel to the Argus Sour Crude Index (ASCI).
 
It cut its Arab Light OSP to Northwest Europe by $0.60 to a discount of $4.85 a barrel to the Brent Weighted Average (BWAVE).
 
Aramco was expected to hike its Arab Extra Light OSP to Asia at about 70 cents a barrel, and raise its flagship Arab Light crude prices by 15-60 cents a barrel, according to a Reuters survey of Asian refiners. They expected only a smaller price increase for Arab Medium and Heavy crude. 
 
Traders said OSPs for Asia were raised more than expected for Arab Medium and Heavy, which one trader with a north Asian refiner said was probably to make up for low outright prices.
 
The December average Dubai crude price, as quoted by price-reporting agency Platts, fell to the lowest since December 2004. --Reuters
 



Tags: Saudi Aramco | Asia | prices | raise |

More Energy, Oil & Gas Stories

calendarCalendar of Events

Ads