• 3 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 6 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 11 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 14 minutes Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 8 mins Shale Oil Fiasco
  • 11 mins Everything you think you know about economics is WRONG!
  • 1 min USA v China. Which is 'best'?
  • 12 hours Tesla Launches Faster Third Generation Supercharger
  • 15 hours Judiciary impeachment: Congressman says Sean Misko, Abigail Grace and unnamed 3rd (Ciaramella) need to testify.
  • 11 hours Quotes from the Widowmaker
  • 4 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 23 hours READ: New Record Conoco Eagleford Vintage 5 wells, their 5th generation Test Wells . . Shale going bust . . . LAUGHABLE
  • 15 hours Offshore is changing
  • 2 days Global Debt Worries. How Will This End?
  • 1 day You long it you short it it is Here for a long time since Trump signed it
  • 2 days IEA predicts oil demand will grow annually at 1 million barrels a day for the next 5 years

Breaking News:

Libyan Oilfield Is Offline Again

Is Today’s Oil Price Plunge A Sign Of Things To Come?

Is Today’s Oil Price Plunge A Sign Of Things To Come?

Oil prices fell significantly today…

Saudi Arabia Cuts Oil Pricing To Lure New Buyers

rig

Saudi Arabia is cutting the September official selling prices (OSPs) for all its grades and to all markets except for to the United States, as it aims to entice more buyers as it increases oil supply to offset production and export disruptions elsewhere.

Saudi Arabia’s state-held oil giant Saudi Aramco reduced the prices for next month for all the oil grades it sells to its biggest market, Asia. The pricing for the Saudi flagship grade, Arab Light, was reduced by US$0.70 to US$1.20 a barrel premium over the Dubai/Oman benchmark, used for pricing oil to Asia. The reduction of US$0.70 was deeper by US$0.10 than the median estimate of five traders surveyed by Bloomberg.

The cut in Arab Light prices for September was the second consecutive monthly reduction of the OSP to Asia.

In July, while it was opening the taps, Saudi Arabia also cut its official OSPs for most of its grades to the Asian markets for August, in a sign that it wants to attract more customers now that it has raised production. The OSP for Arab Light for Asia was reduced by US$0.20 to a premium of US$1.90 above the Dubai/Oman benchmark. This was the first cut in Arab Light pricing for Asia in four months and a drop from the highest OSP since July 2014.

Last month, Saudi Arabia was also said to be offering extra oil on top of its contractual volumes to some buyers in Asia, as OPEC’s largest producer boosted oil production to keep markets well-supplied amid disruptions from Venezuela and Libya and the expected reduction of Iranian oil exports.

The Saudis and other Middle Eastern oil exporters compete with North Africa, Russia, Latin America and, in recent months, the United States, for market share in the prized Asian market.

For September, Saudi Arabia also reduced the pricing for all its grades to the Mediterranean and Northwest Europe but raised all prices to the U.S. market.

By Tsvetana Paraskova for Oilprice.com

More Top Reads from Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play