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OIL: Saudi Cuts Crude Prices for Asia in December

OIL
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(Further details on Saudi OSP’s  from Tuesday) -  Saudi Arabia cut the price for its flagship Arab light to Asia in December by 50 cents to $1.70/bbl above the Oman/Dubai average.

  • The cut is roughly in line with expectations and indicates a more bearish demand outlook for Asia.
  • OPEC+ said at the weekend it would push back its December production hike by another month.
  • Aramco also set the Arab Light OSP to Northwest Europe at minus $0.15 versus ICE Brent -an increase of 30 cents per barrel from November.
  • It raised its OSPs to both Northwest Europe and the Mediterranean by 30 cents/bbl across the board.
  • For the US - the Arab Light OSP was cut by 10 cents to plus $3.80 versus ASCI.

 

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(Further details on Saudi OSP’s  from Tuesday) -  Saudi Arabia cut the price for its flagship Arab light to Asia in December by 50 cents to $1.70/bbl above the Oman/Dubai average.

  • The cut is roughly in line with expectations and indicates a more bearish demand outlook for Asia.
  • OPEC+ said at the weekend it would push back its December production hike by another month.
  • Aramco also set the Arab Light OSP to Northwest Europe at minus $0.15 versus ICE Brent -an increase of 30 cents per barrel from November.
  • It raised its OSPs to both Northwest Europe and the Mediterranean by 30 cents/bbl across the board.
  • For the US - the Arab Light OSP was cut by 10 cents to plus $3.80 versus ASCI.

 

Keep reading...Show less