Saudi Arabia cuts August’s Arab Light crude price to Asia

05/07/2018 Argaam

 

Saudi Arabian Oil Co. (Saudi Aramco), the world’s largest oil exporter, has cut the official selling price for its Arab Light crude oil grade for Asian customers by $0.20 for August to a premium of $1.90 a barrel to the average of Oman and Dubai quotes, Reuters reported Thursday.

 

Aramco also reduced its Arab Light official selling price (OSP) to Northwest Europe by $0.45 for August from the previous month at a discount of $2.85 a barrel to ICE Brent.

 

The price of Arab Light for August shipments to the US was set at a premium of $0.80 a barrel to the Argus Sour Crude Index (ASCI), down 10 cents a barrel from the previous month.

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