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OIL: Saudi Raises November OSP to Asia More then Expected
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.
To read the full story
Sign up now for free trial access to this content.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.