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OIL: Asian Buyers Expect Saudi OSP Hike

OIL
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Most Asian traders of Aramco’s Arab Light expect a significant price hike in March’s official selling prices, in light of tighter fundamentals, while recently announced US tariffs on Canada and Mexico could give Aramco leeway for greater price hikes, Platts reports.

  • Platts survey suggests a m/m increase between $1-3/bbl for March’s Arab Light OSP. The majority of expectations were for a m/m increase in the $2/bbl range.
  • Traders are weighing a spike in Middle East crude differentials following the Jan. 10 announcement of fresh US and UK sanctions on Russia against a corresponding decline in margins for many Asian refineries, Platts reports.
  • The recently announced US tariffs on Canada and Mexico are also expected to give Aramco more leeway in hiking March crude OSPs by a larger amount, and will remain a theme in the April loading cycle, Platts trading sources say.
  • More Middle East crude could ultimately be diverted to the US.
  • "Should be quite constructive [for the Middle East crude market],” a trader said.
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Most Asian traders of Aramco’s Arab Light expect a significant price hike in March’s official selling prices, in light of tighter fundamentals, while recently announced US tariffs on Canada and Mexico could give Aramco leeway for greater price hikes, Platts reports.

  • Platts survey suggests a m/m increase between $1-3/bbl for March’s Arab Light OSP. The majority of expectations were for a m/m increase in the $2/bbl range.
  • Traders are weighing a spike in Middle East crude differentials following the Jan. 10 announcement of fresh US and UK sanctions on Russia against a corresponding decline in margins for many Asian refineries, Platts reports.
  • The recently announced US tariffs on Canada and Mexico are also expected to give Aramco more leeway in hiking March crude OSPs by a larger amount, and will remain a theme in the April loading cycle, Platts trading sources say.
  • More Middle East crude could ultimately be diverted to the US.
  • "Should be quite constructive [for the Middle East crude market],” a trader said.