United Arab Emirates
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 |
