Saudi Aramco lowers December Arab Light crude prices to Asia

Saudi Aramco lowers December Arab Light crude prices to Asia
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Updated 04 November 2022
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Saudi Aramco lowers December Arab Light crude prices to Asia

Saudi Aramco lowers December Arab Light crude prices to Asia

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.

 

November December Change

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
       

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
       

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