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OIL: Saudi Raises Crude Prices in Asia in Feb.

OIL
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Saudi Aramco raised February official selling prices to Asia more than expected signalling a potential pick up in demand from Asia.

  • Arab Light OSP to Asia was raised by $0.6/bbl to +$1.50/bbl for Asia.
  • This compares to an increase of between $0.2/bbl and $0.5/bbl expected in a Reuters and Blomberg surveys.
  • The rise comes amid a drop in Russian and Iranian supplies as pressure from western sanctions increases, and after OPEC+ in early December extended production cuts until April.
  • OSPs for other grades to Asia were also raised between $0.4 - $0.6/bbl. NW Europe and the Mediterranean prices were raised by $1.30/bbl for all crude grades, but OSPs to US were cut by $0.30-0.40/bbl.


 

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Saudi Aramco raised February official selling prices to Asia more than expected signalling a potential pick up in demand from Asia.

  • Arab Light OSP to Asia was raised by $0.6/bbl to +$1.50/bbl for Asia.
  • This compares to an increase of between $0.2/bbl and $0.5/bbl expected in a Reuters and Blomberg surveys.
  • The rise comes amid a drop in Russian and Iranian supplies as pressure from western sanctions increases, and after OPEC+ in early December extended production cuts until April.
  • OSPs for other grades to Asia were also raised between $0.4 - $0.6/bbl. NW Europe and the Mediterranean prices were raised by $1.30/bbl for all crude grades, but OSPs to US were cut by $0.30-0.40/bbl.


 

Keep reading...Show less