SINGAPORE/LONDON: The world’s top oil exporter, Saudi Arabia, cut the price of its Arab Light crude oil in October to customers in Asia and the US, state oil firm Aramco said yesterday.
Aramco cut the price of Arab Light to Asia by 70¢ a barrel to parity with the Oman/Dubai average and reduced the price to the US by $1.40 to WTI minus $5.05, the company said.
Aramco, which sells half its exports to Asia, sets its oil prices based on recommendations from customers and after calculating the change in value of crude over the past month based on yields and product prices.
Aramco, as expected, also raised the price of its heavy grades to Asia on the back of stronger fuel oil prices.
It raised the price of Arab Medium by 70¢ a barrel to a $2.25 discount to the Oman/Dubai average, and lifted Arab Heavy by $1.50 to a $4.60 discount to Oman/Dubai.
Saudi Arabia’s prices set the trend for Iranian, Kuwaiti and Iraqi prices, altogether affecting the cost of more than 8mn bpd crude to Asia.
Meanwhile, Abu Dhabi National Oil Company (Adnoc) has cut the August retroactive selling price of its benchmark Murban crude, the first time this year that the monthly price has failed to hit a record high.
Adnoc set the August Murban price at $117.50 a barrel, down $19.85 on the month, the state oil company of the world’s fifth-largest oil exporter said in a statement.
The fall came amid steep declines in benchmark international oil prices. – Reuters |
