Credit: REUTERS/HAMAD I MOHAMMED
March 05, 2024 — 09:03 pm EST
Written by
Harshit Verma for
Reuters ->
Adds details, table
March 6 (Reuters) – Top oil exporter Saudi Arabia raised the official selling price (OSP) for its flagship Arab Light crude to Asia in April in line with expectations, trade sources said. Saudi Aramco set the OSP for April-loading Arab Light crude to Asia at $1.70 a barrel over the Oman/Dubai average, slightly above the previous month’s OSP of $1.50 a barrel.
The price was in line with market expectations that Saudi Arabia would keep the OSP of its flagship Arab Light crude to Asia unchanged or up by 10-20 cents a barrel for April.
April OSPs to northwest Europe were lowered by 60 to 70 cents a barrel, and for crude going to the United States the OSPs were little changed.
Saudi term crude supplies to Asia are priced as a differential to the Oman/Dubai average:
APRIL
MARCH
CHANGE
SUPER LIGHT
2.95
2.95
0.00
EXTRA LIGHT
1.70
1.50
0.20
LIGHT
1.70
1.50
0.20
MEDIUM
0.85
0.55
0.30
HEAVY
0.00
-0.30
0.30
Prices at Ras Tanura destined for United States are set against ASCI:
APRIL
MARCH
CHANGE
EXTRA LIGHT
7.00
7.10
-0.10
LIGHT
4.75
4.85
-0.10
MEDIUM
5.65
5.85
-0.20
HEAVY
5.30
5.40
-0.10
Prices at Ras Tanura destined for Northwest Europe are set against ICE Brent:
APRIL
MARCH
CHANGE
EXTRA LIGHT
2.00
2.70
-0.70
LIGHT
0.30
0.90
-0.60
MEDIUM
-0.40
0.20
-0.60
HEAVY
-3.10
-2.50
-0.60
Prices at Ras Tanura for Saudi oil destined for the Mediterranean are set against ICE Brent:
APRIL
MARCH
CHANGE
EXTRA LIGHT
1.60
2.30
-0.70
LIGHT
-0.20
0.40
-0.60
MEDIUM
-0.70
-0.10
-0.60
HEAVY
-3.70
-3.10
-0.60
(Reporting by Harshit Verma in Bengaluru; Editing by Christopher Cushing and Tom Hogue)
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