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Thursday, November 23, 2017

Saudis Raise December Crude Prices for Asia Exports

November 2, 2017

File Image (CREDIT: AdobeStock / (c) Jose Gill)

File Image (CREDIT: AdobeStock / (c) Jose Gill)

Saudi Aramco has raised the December official selling price (OSP) for its Arab Light grade for Asian customers by 65 cents a barrel versus the previous month to a premium of $1.25 a barrel to the average of the Oman and Dubai benchmarks, it said on Thursday.
 
That raises the December Arab Light OSP to the highest premium since September 2014, Reuters data showed.
 
The price for Arab Super Light was raised by 45 cents a barrel and the OSPs for Arab Extra Light and Arab Medium rose by 65 cents, Aramco said, confirming what two sources told Reuters earlier on Thursday.
 
The Arab Heavy OSP was also raised by 65 cents to a discount of $1.15 a barrel to the Oman and Dubai average. That puts the grade at its narrowest discount to the benchmarks since December 2013, according to Reuters data.
 
The price hikes were within market expectations in a Reuters survey published on Wednesday.
 
The state-run oil producer raised its Arab Light OSP to Northwest Europe by 90 cents for December from the previous month at a discount of $1.80 a barrel to the ICE Brent.
 

The Arab Light OSP to the United States was set at a premium of $1.20 a barrel to the Argus Sour Crude Index (ASCI) for December, up 10 cents a barrel from the previous month. 

 

By Rania El Gamal and Florence Tan

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