Saudi Arabia's state oil producer Aramco lowered its December official selling price (OSP) for its Arab Light crude to Asia by $0.10/bbl, setting it at a minus $0.50/bbl versus the Oman/Dubai average, according to a document seen by Reuters on Nov. 5.
Aramco was expected to maintain or slightly cut its December OSPs for Asian buyers, according to a Reuters survey.
The company set the Arab Light OSP to Northwestern Europe at a discount of $1.40/bbl over ICE Brent, up $0.60 from November and to the U.S. at plus $0.85/bbl over ASCI (Argus Sour Crude Index), down $0.20 from the previous month.
Saudi Official Selling Price
(Prices at Ras Tanura destined for Northwest Europe are set against ICE Brent)
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