SG:Saudi Arabia trims Arab Light prices to Asia by 10 cents per barrel
Reuters reported that top oil exporter Saudi Arabia has trimmed 10 cents off its flagship Arab Light crude oil price for customers in Asia who buy more than half of Saudi crude exports.
An industry source said that Saudi Aramco has set the Arab Light price at Oman and Dubai plus USD 1.35 per barrel for August down from USD 1.45 for July.
The price for Arab Extra Light for customers in Asia next month was cut by 50 cents to Oman and Dubai plus USD 2.95 while the price of the same grade for US buyers was cut by 65 cents to the Argus Sour Crude Index plus USD 2.25.
The world's largest crude oil exporter also raised its Arab Extra Light crude price to the Mediterranean market by 10 cents to the Brent weighted average price minus USD 0.95. It cut the price of the same grade of crude in north-west Europe by 95 cents to BWAVE minus USD 1.05 a barrel.
Meanwhile, Qatar has set the retroactive official selling price for Qatar Marine crude for June at USD 108.45 per barrel down USD 1.15 from May. The differential against the average price of benchmark Dubai crude for June was at a premium of USD 0.68 per barrel down from a premium of USD 1.22 a barrel in May.
Qatar set the June Qatar Land crude OSP at USD 111.20 per barrel down USD 1.45 from May. That represents USD 3.43 per barrel premium to Dubai crude lower than the USD 4.27 premium for May. Qatar is one of OPEC's smallest members, pumping around 800,000 barrels per day.
