Saudi Aramco Slashes Official Selling Price for Arab Light Crude in July
In a surprising move, Saudi Aramco has announced a significant cut to the official selling price for the flagship Arab Light crude it sells to Asia for the month of July.
The differentials for Arab Light grade were set at Platts Dubai/DME Oman +$2.40 per barrel, marking a notable decrease from the +$2.90 per barrel seen in June.
This marks the first price reduction in five months, as indicated by data released by the oil company.
Additionally, Arab Medium saw a decrease to +$1.95 per barrel from +$2.35/b in June, while the price for Arab Heavy was lowered to +$1.20/b, showing a decline of 40 cents from the previous month.
Shifting focus to Northwest Europe, the Arab Light OSP was established at +$3.10 per barrel over ICE Brent futures, a significant increase from +$2.10/b. Medium also saw a hike from +$1.30/b to +$2.30/b.
Meanwhile, Arab Light for July to the US Gulf remained unchanged at +$4.75 per barrel over ASCI, with prices for both Medium and Heavy also maintained at +$5.45/b.