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Saudi May Keep Arab Light Oil OSP To Asia Unchanged For Aug: Survey

OIL

Saudi Arabia may keep the OSP for its flagship Arab Light Crude unchanged for Asian customers for August according to a Bloomberg survey of five refiners, traders.

  • The release of Saudi Aramco’s OSPs is expected next week, but not confirmed.
  • The Arab Light OSP differential is expected to remain at a $3/bbl premium to the Oman-Dubai benchmark. Four respondents expect not change from July, while one trader anticipates a decline of 30c/bbl on the month.
  • For July, Aramco raised Arab light crude OSP by 45c/bbl on the month, marking the first month of Saudi Arabia’s additional 1mbpd output cut. August prices could indicate whether the producer is planning to extend July’s production cut.

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