Saudi Aramco Lowers August Crude OSP for All Regions
Saudi Aramco lowered August crude premiums, led by a significant $11 decline for Asian buyers, the company said in a statement emailed to on Monday. The company set its August official selling price for Arab Light crude to Asia at a discount of $1.50 per barrel below the Oman/Dubai average, from last month's premium of $9.50. The $11 decrease over the month comes as supply increases after the US-Iran preliminary peace deal led to an influx of supply and crude prices returned to pre-war levels. The August OSP for Northwest Europe was reduced by $15 to $0.85 above ICE Brent. North American OSP was decreased by $8 to a $4.60 premium over the Argus Sour Crude Index. The OSP for the Mediterranean region was lowered by $15 to $0.65/bbl above the ICE Brent benchmark for August.
Saudi Aramco lowered August crude premiums, led by a significant $11 decline for Asian buyers, the company said in a statement emailed to on Monday.
The company set its August official selling price for Arab Light crude to Asia at a discount of $1.50 per barrel below the Oman/Dubai average, from last month's premium of $9.50.
The $11 decrease over the month comes as supply increases after the US-Iran preliminary peace deal led to an influx of supply and crude prices returned to pre-war levels.
The August OSP for Northwest Europe was reduced by $15 to $0.85 above ICE Brent.
North American OSP was decreased by $8 to a $4.60 premium over the Argus Sour Crude Index.
The OSP for the Mediterranean region was lowered by $15 to $0.65/bbl above the ICE Brent benchmark for August.