Saudi Arabia's state oil producer Aramco lowered its December official selling price (OSP) for its Arab Light crude to Asia by $0.10/bbl, setting it at a minus $0.50/bbl versus the Oman/Dubai average, according to a document seen by Reuters on Nov. 5.

Aramco was expected to maintain or slightly cut its December OSPs for Asian buyers, according to a Reuters survey.

The company set the Arab Light OSP to Northwestern Europe at a discount of $1.40/bbl over ICE Brent, up $0.60 from November and to the U.S. at plus $0.85/bbl over ASCI (Argus Sour Crude Index), down $0.20 from the previous month.

 

Source: Reuters

Saudi Official Selling Price
United States
 Grade December November Change
Extra Light  +1.20 +1.40 -0.20
Light +0.85 +1.05 -0.20
Medium +0.15 +0.35 -0.20
Heavy -0.20 0.00 -0.20
Northwestern Europe
(Prices at Ras Tanura destined for Northwest Europe are set against ICE Brent)
Grade December November Change
Extra Light -1.30 -1.90 0.60
Light -1.40 -2.00 0.60
Medium -1.30 -2.00 0.70
Heavy -1.30 -2.30 1.00

Asia
(Saudi term crude supplies to Asia are priced as a differential to the Oman/Dubai average)
Grade December November Change
Super Light +0.65 +0.85 -0.20
Extra Light -0.70 -0.60 -0.10
Light -0.50 -0.40 -0.10
Medium -0.20 -0.30 0.10
Heavy -0.30 -0.30 0.00

Mediterranean
(Saudi term crude supplies to Asia are priced as a differential to the Oman/Dubai average)
Grade December November Change
Extra Light -1.10 -1.50 0.40
Light -1.20 -1.90 0.70
Medium -1.30 -2.10 0.80
Heavy -1.20 -2.10 0.80