SINGAPORE: Saudi Aramco has kept its December official selling price (OSP) for its Arab Light grade for Asian customers unchanged from the prior month, taking a pause of a five-months price hike, two sources with knowledge of the matter said on Monday.
The Middle Eastern oil kingpin set the OSP for Arab Light at $4 a barrel over the Oman/Dubai average, the same premium as November.
The price change for the Saudi flagship grade is in line with market expectations, as refiners weighed weak oil processing margins and supply uncertainties.
Top oil exporters Saudi Arabia and Russia confirmed on Sunday they would continue with their additional voluntary oil output cuts until the end of the year as concerns over demand and economic growth continue to weigh on crude markets.
Both countries said their cuts would be reviewed next month to consider extending, deepening or increasing them.
Oil nudges higher after Saudi Arabia, Russia stick to output cuts
On December OSPs, Saudi Aramco raised Extra Light crude price to Asia for a third month, by 70 cents to $4.05 a barrel over Oman/Dubai quotes, underpinned by strong light sour crude prices in the spot market.
For other regions, Saudi Aramco slashed its December Arab Light OSP to northwest Europe by $2.30 a barrel to $4.90 a barrel above ICE Brent.
Meanwhile, the OSP of Arab Light to the United States was unchanged at $7.45 versus ASCI in December.
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