For September, Saudi Aramco has raised the price of Arab Light crude oil sold to Asia from +$1.80 per barrel in August to Platts Dubai/DME Oman +$2 per barrel.
The Arab Light grade has reached a two-month high, albeit at a slower rate than predicted. The cost of other light grades that are shipped to Asia has also increased, but the cost of Arab Medium and Arab Heavy grades is still the same.
Arab Heavy continued to be sold at $+0.50 per barrel, while Arab Medium was officially maintained at +$1.25 per barrel.
The Arab Light official selling price (OSP), which was previously set at +$4 per barrel for Northwest Europe, was lowered to +$1.25 per barrel over ICE Brent futures. In a similar vein, Arab Medium’s price per barrel dropped from +$3.20 to +$0.45.
These changes occur in spite of anticipations for a higher rise because of the Dubai benchmark’s recent increases. The poorer refining margins in Asia and the current discussions for annual term supplies are to blame for the more moderate price hikes.
Customer recommendations and shifts in the oil’s worth over the previous month, taking yields and product prices into account, all have an impact on Aramco’s pricing decisions.
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