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OIL: Saudi Arab Light OSP May be Cut by $0.15/bbl in April: Bloomberg Survey

OIL
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Saudi Aramco may cut the Arab Light OSP to Asia by about $0.15/bbl in April to a premium of $3.75/bbl to the Oman-Dubai benchmark, according to a Bloomberg survey of five trader and refiners.

  • The survey showed a range from a minor cut to a reduction of $1/bbl.
  • The OSP was raised by $2.40/bbl for March to a premium of $3.90/bbl to the Oman-Dubai benchmark. The largest increase since August 2022 was in response to improving refinery margins and surging premiums of Middle East crude boosted by interest in non-sanctioned supplies.
  • OSPs are typically released within the first five days of the month.
  • An announcement from OPEC+ on output policy for April is expected after Saudi OSPs are released.
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Saudi Aramco may cut the Arab Light OSP to Asia by about $0.15/bbl in April to a premium of $3.75/bbl to the Oman-Dubai benchmark, according to a Bloomberg survey of five trader and refiners.

  • The survey showed a range from a minor cut to a reduction of $1/bbl.
  • The OSP was raised by $2.40/bbl for March to a premium of $3.90/bbl to the Oman-Dubai benchmark. The largest increase since August 2022 was in response to improving refinery margins and surging premiums of Middle East crude boosted by interest in non-sanctioned supplies.
  • OSPs are typically released within the first five days of the month.
  • An announcement from OPEC+ on output policy for April is expected after Saudi OSPs are released.