Saudi Arabia's state oil producer Aramco has cut the official selling prices (OSPs) for its crude to Asia and Europe, while leaving them unchanged for the U.S.
Aramco set the official selling price for its Arab light crude to Asia at plus $0.90/bbl versus Oman/Dubai average, down $0.30 from August, a document obtained by Reuters showed.
The OSP cuts were in line with market expectations, tracking falling Middle East benchmarks and weak refining margins, according to a Reuters survey.
Slow demand recovery amid the second wave of COVID-19 infections has depressed spot prices for Middle Eastern crude this month, while Asia's refining margins remained weak.
The company set the Arab Light OSP to Northwestern Europe at a discount of $1.80/bbl over ICE Brent, down $2.50 from August.
It set the crude price to the U.S. at plus $1.65/bbl over ASCI (Argus Sour Crude Index), unchanged from the previous month.
Recommended Reading
Ithaca Grows in UK North Sea with $193MM JAPEX Deal
2025-03-25 - Ithaca Energy is paying $193 million to acquire JAPEX UK E&P, which holds a 15% working interest in the Seagull oil field of the U.K. Central North Sea.
ENGIE Adds 900 MW Solar, Storage to Portfolio from Ares Management
2025-03-25 - The addition brings ENGIE North America and Ares Management’s partnership to 3.7 gigawatts of investment in U.S. generation.
Tidewater Midstream Closes CA$24MM Alberta Roadway Sale
2025-03-25 - Tidewater Midstream and Infrastructure agreed to sell the roadway network, located around the Brazeau River Complex, to Canadian Resource Roadways for CA$24 million (US$16.8 million).
Validus Pays $850MM for 89 Energy as Midcon M&A Heats Up
2025-03-24 - Elliott Investment Management-backed Validus Energy continues to roll up Midcontinent assets, closing an $850 million acquisition of 89 Energy III.
Lufkin Sells North America Downhole Business to Q2 Artificial Lift
2025-03-24 - Lufkin Industries will focus on software and surface equipment while Q2 Artificial Lift Services will expand its downhole services.