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