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 |
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United States | |||
Grade | December | November | Change |
Extra Light | +1.20 | +1.40 | -0.20 |
Light | +0.85 | +1.05 | -0.20 |
Medium | +0.15 | +0.35 | -0.20 |
Heavy | -0.20 | 0.00 | -0.20 |
Northwestern Europe (Prices at Ras Tanura destined for Northwest Europe are set against ICE Brent) |
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Grade | December | November | Change |
Extra Light | -1.30 | -1.90 | 0.60 |
Light | -1.40 | -2.00 | 0.60 |
Medium | -1.30 | -2.00 | 0.70 |
Heavy | -1.30 | -2.30 | 1.00 |
Asia |
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Grade | December | November | Change |
Super Light | +0.65 | +0.85 | -0.20 |
Extra Light | -0.70 | -0.60 | -0.10 |
Light | -0.50 | -0.40 | -0.10 |
Medium | -0.20 | -0.30 | 0.10 |
Heavy | -0.30 | -0.30 | 0.00 |
Mediterranean |
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Grade | December | November | Change |
Extra Light | -1.10 | -1.50 | 0.40 |
Light | -1.20 | -1.90 | 0.70 |
Medium | -1.30 | -2.10 | 0.80 |
Heavy | -1.20 | -2.10 | 0.80 |