Aramco Lowers Prices for Asian Markets in August

Aramco Lowers Prices for Asian Markets in August

Saudi Aramco set the official selling price (OSP) for next August for the Arab light crude oil sold to Asia at $2.45 a barrel above Oman-Dubai quotes, Reuters reported.

That price for Arab Super Light crude was set at a premium of $4.45 a barrel while the OSP for Arab Extra Light crude was at a premium of $2.65 a barrel. The price is lower than the previous month by 25 cents per barrel.

Prices for Asia are affected by the monthly average price of Platts Dubai and the Oman Dubai Mercantile Exchange (DME).

Saudi Aramco will soon reveal its first-ever earnings call, as the financial results announcement for H1 2019 has been scheduled for August 2019.

Aramco announced in April that it has achieved a net income of around $111 billion during 2018, making it the world’s most profitable company.

The move came as part of the steps to launch the initial public offering (IPO) for the world’s biggest oil company, which was first announced in 2016 and has been delayed ever since, but is expected to take place by early 2021.


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