Saudi Aramco raised its February price for Arab Light grade for Asian customers by $0.60
Saudi Arabia raises February crude prices to Asia
DUBAI, January 5, 2016
Saudi Aramco on Tuesday raised its February price for Arab Light grade for Asian customers by $0.60 versus January to a discount of $0.80 a barrel to the Oman/Dubai average.
Saudi's monthly oil prices set the direction for other Opec producers Kuwait, Iran and Iraq which have undercut the top exporter in the last two years in a battle for market share amid low prices.
Saudi Aramco kept its Arab Light official selling price (OSP) to the US unchanged at a premium of $0.15 per barrel to the Argus Sour Crude Index (ASCI).
It cut its Arab Light OSP to Northwest Europe by $0.60 to a discount of $4.85 a barrel to the Brent Weighted Average (BWAVE).
Aramco was expected to hike its Arab Extra Light OSP to Asia at about 70 cents a barrel, and raise its flagship Arab Light crude prices by 15-60 cents a barrel, according to a Reuters survey of Asian refiners. They expected only a smaller price increase for Arab Medium and Heavy crude.
Traders said OSPs for Asia were raised more than expected for Arab Medium and Heavy, which one trader with a north Asian refiner said was probably to make up for low outright prices.
The December average Dubai crude price, as quoted by price-reporting agency Platts, fell to the lowest since December 2004. --Reuters
