Saudi Arabia is expected to slightly increase the price of its crude for Asian customers in March in line with a stronger Dubai benchmark price, Reuters reported.
The March official selling price (OSP) for flagship Arab Light Crude could rise by up to $0.3 a barrel compared to January. For heavier crude such as Arab Medium and Arab Heavy, the prices are expected to remain unchanged or edge up as weaker fuel oil cracks weigh on these grades. Asia’s fuel oil crack in January is at the widest discount to Dubai in three months, FMT News informed.
Saudi Aramco kept February oil exports to most buyers in Asia steady, but cut term supplies to a handful of refiners in India and Southeast Asia as it complies with an OPEC crude output cap.