Aramco Cuts Arab Light Septrmber Prices for Asian Markets

Aramco Cuts Arab Light Septrmber Prices for Asian Markets

Saudi Aramco announced that the price of the Arab Light crude to Asian customers has been decreased by $0.75 per barrel for September delivery, compared with a premium of $1.70 per barrel to the Oman/Dubai crude average price, Reuters reported.

Moreover, the Saudi company raised its September Arab Light crude official selling price (OSP) for Northwest Europe at a discount of $0.05 a barrel to ICE Brent, increasing by $2.65 compared with August.

On the other hand, the Arab Light OSP to the US remained unchanged from the previous month, after it was set at a premium of $2.85 a barrel to the Argus Sour Crude Index (ASCI) for September.

Last month, Saudi Arabia’s oil exports to the US dropped to 161,000 b/d compared with 1.03 million b/d a year earlier, while crude oil exports to China soared to a record 1.74 million b/d.

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