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OIL: Saudi Aramco Cuts OSP For April By $0.4/bbl, More Than Expected

OIL
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Saudi Aramco has cut its OSP for Arab Light Crude for April by $0.4/bbl, to $3.50/bbl above the Oman/Dubai benchmark, Bloomberg reports. 

  • The first reduction in three months. Last month, the OSP was raised by $2.40/bbl for March to a premium of $3.90/bbl.
  • The cut is larger than a cut of $0.15/bbl anticipated by traders and refiners in a Bloomberg survey.
  • A Reuters survey suggested expectations were that the April OSP would decline by between $0.20/bbl and $0.65 /bbl.
  • The move follows the OPEC+ decision this month to go ahead with planned supply increases in April, which has been bearish for oil markets.
  • Nevertheless, oil has moved higher on the deeper than expected cut to Aramco’s April OSPs, amidst expectations that cheaper pricing could be supportive of oil consumption in Asia.
  • Brent MAY 25 up 1.2% at 70.26$/bbl
  • WTI APR 25 up 1.2% at 67.17$/bbl
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Saudi Aramco has cut its OSP for Arab Light Crude for April by $0.4/bbl, to $3.50/bbl above the Oman/Dubai benchmark, Bloomberg reports. 

  • The first reduction in three months. Last month, the OSP was raised by $2.40/bbl for March to a premium of $3.90/bbl.
  • The cut is larger than a cut of $0.15/bbl anticipated by traders and refiners in a Bloomberg survey.
  • A Reuters survey suggested expectations were that the April OSP would decline by between $0.20/bbl and $0.65 /bbl.
  • The move follows the OPEC+ decision this month to go ahead with planned supply increases in April, which has been bearish for oil markets.
  • Nevertheless, oil has moved higher on the deeper than expected cut to Aramco’s April OSPs, amidst expectations that cheaper pricing could be supportive of oil consumption in Asia.
  • Brent MAY 25 up 1.2% at 70.26$/bbl
  • WTI APR 25 up 1.2% at 67.17$/bbl