Saudi Aramco reduces December pricing for Arab Light crude oil for Asian buyers
Date
11/7/2024 7:50:22 AM
(MENAFN) Saudi Aramco has reduced its December pricing for Arab Light crude oil for Asian buyers, with the official selling price (OSP) cut by 50 cents, now set at USD1.70 per barrel above the regional benchmark. In addition to the Arab Light grade, the OSPs for Arab Extra Light and Super Light crude were also reduced by 50 cents per barrel, while the prices for Arab Medium and Heavy grades saw smaller cuts of 40 cents per barrel.
For North America, the December OSP for Arab Light crude was set at USD3.80 per barrel above the Argus Sour Crude Index, while in Western Europe, the differential was set at USD0.15 above the ICE Brent benchmark. These price adjustments reflect the ongoing changes in the global oil market.
Saudi Aramco produces five grades of crude oil, distinguished by their density: Super Light (density above 40), Arab Extra Light (36-40), Arab Light (32-36), Arab Medium (29-32), and Arab Heavy (below 29). These grades cater to different market needs, with the pricing adjustments affecting buyers across various regions.
The global oil market has been facing some pressure recently, as crude oil prices fell by 2.5 percent on Wednesday, ending a five-day winning streak. This decline has been largely attributed to a stronger US dollar, which is influenced by early reports suggesting that former President Donald Trump may be securing a second term. A stronger dollar can lead to higher oil prices for non-US buyers, which may have contributed to the adjustment in Aramco's pricing.
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