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Saudi Aramco cuts November crude price to Asia by 40 cents/bbl

Saudi Aramco cuts November crude price to Asia by 40 cents/bbl

The Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia, Oct 12, 2019. (File photo: REUTERS/Maxim Shemetov)

LONDON :Top oil exporter Saudi Arabia cut the November official selling price (OSP) to Asia for its flagship Arab Light crude to US$1.30 a barrel above the Oman/Dubai average, the country's state oil producer Aramco said on Tuesday.

Saudi Arabia set its Arab Light OSP to northwest Europe at a discount of US$2.40 a barrel against ICE Brent for November and its OSP to the United States was at a premium of US$1.25 a barrel over Argus Sour Crude Index (ASCI).

Saudi term crude supplies to Asia are priced as a differential to the Oman/Dubai average:

ASIA

NOV OCT CHANGE

SUPER LIGHT 3.05 3.15 -0.10

EXTRA LIGHT 1.80 2.00 -0.20

LIGHT 1.30 1.70 -0.40

MEDIUM 1.05 1.45 -0.40

HEAVY -0.10 0.40 -0.50

UNITED STATES (versus ASCI)

NOV OCT CHANGE

EXTRA LIGHT 2.40 2.40 0.00

LIGHT 1.25 1.35 -0.10

MEDIUM 0.55 0.65 -0.10

HEAVY 0.10 0.20 -0.10

Prices at Ras Tanura destined for Northwest Europe are set against ICE Brent:

NW EUROPE

NOV OCT CHANGE

EXTRA LIGHT -1.80 -0.80 -1.00

LIGHT -2.40 -1.70 -0.70

MEDIUM -2.80 -2.30 -0.50

HEAVY -3.70 -3.20 -0.50

Prices at Ras Tanura for Saudi oil destined for the Mediterranean are set against ICE Brent:

MEDITERRANEAN

NOV OCT CHANGE

EXTRA LIGHT -1.10 -0.80 -0.30

LIGHT -2.30 -1.80 -0.50

MEDIUM -3.10 -2.50 -0.60

HEAVY -3.80 -3.20 -0.60

(Reporting by Julia Payne and Swati Verma in BengaluruEditing by Marguerita Choy)

Source: Reuters

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