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Saudi Aramco Seen Cutting Arab Light OSP to Asia by 40c for July

OIL

Saudi Aramco may cut prices for its crude sold to Asia in July for the first time in five months, according to a Bloomberg survey.

  • The median estimate in the Bloomberg survey for Arab Light sales for a July was a 40 cents/b decline on the month. This is similar to an earlier estimate from Reuters which forecast a 30-50 cents/b fall.
  • For Arab extra light crude OSP to Asia in July, responses ranged from a 40-70 cents/b decline.
  • Asian refiners have been hit with persistently weak margins in recent months while Middle East benchmarks have also weakened.
  • OSPs are typically released within the first five days of the month.
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