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Saudi Aramco Cuts Arab Light OSP to Asia by 50 cents/b for July

OIL

Saudi Aramco cut its OSP for Arab Light to Asia by 50 cents/b to a $2.40/b premium over Oman/Dubai average, the first cut in five months.

  • The median estimate in the Bloomberg survey for Arab Light sales for July was a 40 cents/b decline on the month. Reuters forecast a 30-50 cents/b fall to +2.40/+2.60.
  • The Arab Light premium to Europe was raised by $1/b to ICE Brent plus $3.10/b for July.
  • The Arab Light premium to the US was unchanged at ASCI plus $4.75/b for July.

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