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Saudi Arabia Expected to Raise OSP to Asia by 50 Cents and Extend Cut (Bloomberg Surveys)

OIL

Saudi Aramco is expected to raise the official selling Price of Arab Light Crude to Asia by 50 cents compared to the previous month, according to the median estimate of Bloomberg survey of refiners and traders.

  • The September OSP for Arab Light is estimated to be at a $3.7/bbl premium to Oman-Dubai benchmark. This compares to $3.2/bbl in August.
  • The estimations from respondents ranged between a 20-60 cents rise.
  • A tighter market and better refinery margins will likely support the prices, respondents said.
  • The survey took place prior to Saudi Arabia’s announcement to extend its unilaterally production cut of 1m b/d.
  • Another Bloomberg survey expects Saudi to extend its 1mn bpd production cut for a further month into September (15/22 respondents) – it is currently running the cuts July/August but the door remains open for extensions.
Energy BulletsCommodities
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