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Saudi Forecast for Cut Arab Light  to Asia by 1.05$/bbl: Bloomberg Survey

OIL

Saudi Aramco is forecast to cut the official selling price of the flagship Arab Light crude to Asia by 1.05$/bbl for January from the previous month according to the median estimate of a Bloomberg survey of six refiners and traders.

  • A fall would be the first since June amid competition in Asia from cheaper US and European barrels from an increase in supply from the US, Guyana and the North Sea with the risk of Saudi losing market share.
  • Oil from outside the Middle East is looking more attractive to Asian buyers with strength in Dubai crude bringing the spread to Brent close to parity.
  • The survey range was for declines between 0.75 and 2.0$/bbl based on the assumption that Saudi extend the voluntary 1mbpd production cut.
  • Saudi Aramco typically releases OSPs in the first five days of the month.
Energy BulletsCommodities
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