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Thursday, July 7, 2022

Middle East Crude-Benchmarks up; Saudi cuts Sept OSPs

Middle East Crude-Benchmarks up; Saudi cuts Sept OSPsSINGAPORE: Middle East crude benchmarks rose on Thursday just before Saudi Aramco released official selling prices (OSPs) with large cuts across all grades for September.

Saudi Aramco has cut the September price for its Arab Light crude grade for Asian customers by $0.70 a barrel versus August to a premium of $1.20 a barrel to the Oman/Dubai average, the lowest in four months, according to industry sources and Reuters data.

The price reduction for September ranges from 40 cents a barrel for Arab Medium to 70 cents for light grades, they said.

The cuts were at the larger end of forecasts seen in a Reuters survey and tracked weakness in the Middle East oil benchmark Dubai.

The price cuts may enable Saudi to sell more crude to Asia, a Singapore-based trader said.

Copyright Reuters, 2018

Source: Brecorder

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