REUTERS: Saudi Arabia lowered the December official selling prices for the flagship Arab light crude it sells to Asia to plus $5.45 a barrel versus the Oman/Dubai average, the country's state oil producer Aramco said on Friday.
The top oil exporter set its Arab Light OSP to northwest Europe at $1.70 a barrel against ICE Brent for December and to the United States at $6.35 versus ASCI.
Late last month, trade sources said the country could cut the prices of most crude grades to Asia in December as weaker-than-expected fuel consumption in China amid its strict COVID-19 rules put a lid on regional demand.
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|
November | December | Change |
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Saudi term crude supplies to Asia are priced as a differential to the Oman/Dubai average: |
|||
| Super Light | +9.15 | +9.15 | 0.00 |
|
Extra Light |
+6.35 | +6.45 | +0.10 |
|
Light |
+5.85 | +5.45 | -0.40 |
|
Medium |
+4.00 | +3.20 | -0.80 |
| Heavy | +2.45 | +1.25 | -1.20 |
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Prices at Ras Tanura destined for Northwest Europe are set against ICE Brent: |
|||
|
Extra Light |
+2.70 | +3.40 | +0.70 |
|
Light |
+0.90 |
+1.70 | +0.80 |
|
Medium |
-1.30 | -1.30 | 0.00 |
| Heavy | -5.70 | -4.90 | +0.80 |
|
Prices at Ras Tanura destined for United States are set against ASCI: |
|||
|
Extra Light |
+8.20 | +8.20 | 0.00 |
|
Light |
+6.35 | +6.35 | 0.00 |
|
Medium |
+6.15 | +6.15 | 0.00 |
| Heavy | +5.70 | +5.70 | 0.00 |
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Prices at Ras Tanura for Saudi oil destined for the Mediterranean are set against ICE Brent: |
|||
|
Extra Light |
+3.00 | +3.50 | +0.50 |
|
Light |
+0.90 | +1.40 | +0.50 |
|
Medium |
-1.20 | -1.00 | +0.20 |
| Heavy | -5.90 | -5.40 | +0.50 |
