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Saudi Arab Light Prices to Asia May Slightly Raise in December: Reuters Survey

OIL

Saudi Arabia may keep the price for Arab Light crude deliveries to Asia unchanged for December, following five months of price hikes according to a Reuters survey.

  • Survey participants expect Arab Light crude prices to Asia at +$3.95/4.10/bbl for December, compared with +$4/bbl in November.
  • The latest Bloomberg survey also suggested a pause to hikes for Arab Light crude to Asia for December.
  • Saudi Aramco is expected to slightly raise the price for Arab Extra Light by 10ct/bbl in December, tracking a strong performance of light sour benchmark Murban, the respondents said.
  • Saudi Arabia may set the OSP for its medium sour crude at around $4/bbl over the Oman/Dubai average, five survey respondents said. This would be up from +$3.45/bbl in November.
  • "The geopolitical concerns are still lingering and there is risk of supply tightness. But a more immediate problem is that refining margins are weakening and oil demand is going down," said one respondent.
  • Saudi Aramco usually publishes the official selling prices around the 4th or 5th of each month.
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