Saudi Arabia lowers Oct Arab Light crude prices to Asia

Saudi Arabia lowered October official selling prices (OSPs) for its flagship Arab light crude it sells to Asia by nearly $4 a barrel, marking the first reduction in four months, the country’s state oil producer Aramco said on Tuesday.

The world’s top oil exporter raised September OSPs to record high levels of $10.95 a barrel for Arab Extra Light against the Oman/Dubai average and $9.80 a barrel for Arab Light.

Saudi Arabia also lowered its Arab Light OSP to northwest Europe at $2.70 a barrel against ICE Brent for October, while leaving it unchanged to the United States at $6.15 versus ASCI.

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Saudi term crude supplies to Asia are priced as a differential to the Oman/Dubai average:
              OCT    SEPT   CHANGE
 SUPER LIGHT  9.15   12.15  -3.00
 EXTRA LIGHT  6.45   10.95  -4.50
 LIGHT        5.85   9.80   -3.95
 MEDIUM       3.75   7.75   -4.00
 HEAVY        2.20   6.00   -3.80
                            
 Prices at Ras Tanura destined for United States are set against ASCI:
              OCT    SEPT   CHANGE
 EXTRA LIGHT  8.00   7.50   0.50
 LIGHT        6.15   6.15   0.00
 MEDIUM       5.95   5.45   0.50
 HEAVY        5.50   5.00   0.50
                            
 Prices at Ras Tanura destined for Northwest Europe are set against ICE Brent:
              OCT    SEPT   CHANGE
 EXTRA LIGHT  4.50   6.50   -2.00
 LIGHT        2.70   4.70   -2.00
 MEDIUM       0.20   2.20   -2.00
 HEAVY        -4.20  -2.20  -2.00
                            
 Prices at Ras Tanura for Saudi oil destined for the Mediterranean are set against ICE Brent:
              OCT    SEPT   CHANGE
 EXTRA LIGHT  4.80   6.60   -1.70
 LIGHT        2.70   4.70   -2.00
 MEDIUM       0.30   2.30   -2.00
 HEAVY        -4.40  -2.40  -2.00
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