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OIL: Saudi Raises November OSP to Asia More then Expected

OIL
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Saudi Arabia increased the crude premium to customers in Asia by more than expected for November but cut the OSP for cargoes to Europe and the US.

  • Arab Light to Asia was raised by $0.9/bbl to a $2.2/bbl premium above the Oman/Dubai average compared to a Bloomberg survey estimate for a $0.65/bbl increase.
  • Arab Heavy to Asia was raised $0.7/bbl and other grades to Asia increased $0.9/bbl.
  • The increase comes amid recent gains in global oil futures prices, driven by supply concerns from escalating Middle East tensions.
  • OSPs for cargoes to Europe were cut by $0.9/bbl and to the US were cut between $0.10-$0.2/bbl
  • Asia accounts for around 80% of Saudi Arabia's oil exports.
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Saudi Arabia increased the crude premium to customers in Asia by more than expected for November but cut the OSP for cargoes to Europe and the US.

  • Arab Light to Asia was raised by $0.9/bbl to a $2.2/bbl premium above the Oman/Dubai average compared to a Bloomberg survey estimate for a $0.65/bbl increase.
  • Arab Heavy to Asia was raised $0.7/bbl and other grades to Asia increased $0.9/bbl.
  • The increase comes amid recent gains in global oil futures prices, driven by supply concerns from escalating Middle East tensions.
  • OSPs for cargoes to Europe were cut by $0.9/bbl and to the US were cut between $0.10-$0.2/bbl
  • Asia accounts for around 80% of Saudi Arabia's oil exports.