• 6 hours Surprise! Aramco Scraps International Listing Plans
  • 10 hours Did U.S. just start war with China? $60 Billion tariff package coming fast
  • 2 hours McDonald's Sets Greenhouse Gas Reduction Targets
  • 4 hours API Inventory Data (Tuesdays)
  • 10 hours Goldman Sachs Expects Tesla to Miss Model 3 Targets Again
  • 6 hours The Facebook/Cambridge Analytica Scandal
  • 7 hours Trump Bans Venezuelan National Cryptocurrency
  • 6 hours Self-Driving Cars' First Fatality
  • 9 hours Country With Biggest Oil Reserves Biggest Threat to World Economy
  • 8 hours Why do Driller stocks move with the daily price of oil?
  • 6 hours Why Is The EU Spending Billions On A Gas Pipeline If It Wants To Fight Climate Change?
  • 2 hours Why Are Investors Ignoring China's Oil Giant?
  • 4 hours G20 Rejects Calls for Cryptocurrency Regulation
  • 5 hours New Rules to Phase Out Coal and Reduce Natural Gas in Canada
  • 7 days Terminator plans to sue big oil for 'first degree murder'
  • 10 mins Statoil Changes Name
Alt Text

Are Traders Overlooking The Real Oil Price Influencer?

Oil prices have climbed significantly…

Alt Text

Pro-Extension Voices In OPEC Become Louder

Five OPEC members have voiced…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Confident Saudis To Lift Oil Prices To Asia For December

Saudis having a lot of fun

Saudi Arabia will likely raise the official selling price (OSP) differentials for Asia for December, to reflect an October premium in the spread between two Dubai benchmarks that it is using to calculate selling prices for its crudes, traders surveyed by S&P Global Platts said on Monday.

According to five traders polled by Platts, Saudi Aramco will probably lift the price differentials for the Arab Light, Medium and Heavy crude grades by between US$0.70 and US$1.20 per barrel.

The spread between the cash Dubai crude and Dubai crude swaps has been a premium of US$0.06 per barrel so far this month, versus a discount of US$0.87 per barrel last month.

Earlier this month, the Saudis had lowered the official selling prices for November for their various grades to various geographies, including to Asia and to Europe.

According to traders surveyed by Platts, other Middle East exporters, including the Abu Dhabi National Oil Co (ADNOC), would also increase prices for December for Asia.

However, several arbitrage cargoes of light sweet European crude are expected to dock in Asia in December, the traders noted.

“The big Middle East producers must make moderate price hikes only. I am sure Aramco and ADNOC are aware of the rival grades coming here,” Platts quoted a trader with a Japanese refiner as saying.

The market may also see additional supply of Saudi crude oil as the country has scheduled maintenance at two of its largest refineries later this year. The 550,000-bpd Ras Tanura refinery is expected to shut for scheduled maintenance between early December and the middle of January next year, traders say.

In addition, Asian crude consumers are currently negotiating new deals for next year, and some end users in North Asia hope that Middle East exporters would offer sweet deals after the prices have recovered from the lows of the first quarter this year, market sources told Platts.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Back to homepage

Trending Discussions

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News