Saudi Aramco lowers December Arab Light crude prices to Asia

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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