Saudi Aramco Is Reducing the Differential on Arabian Light for Asia and Raising All Crude Prices for Europe in August

摘要

With a view to continuing to face up to the competition and to protect its share of its most important export market, Saudi Aramco announced on 5 July that it was going to reduce the formula price of Arabian Light for delivery to Asia in August. This is the most sought-after Saudi crude in the region and its differential in relation to the Oman/Dubai spot average, which was maintained at parity for July liftings, is being reduced by $0.10/b in August. Differentials on Saudi Arabia’s other light crudes, Arabian Extra Light and Arabian Super Light, are being increased by $0.20/b and $0.50/b respectively, while those on its medium and heavy crudes are being reduced by $0.30/b and $0.40/b, due mainly to weak refining margins in Asia and a resulting drop in demand for these crudes.