• 4 minutes Why Trump Is Right to Re-Open the Economy
  • 7 minutes Did Trump start the oil price war?
  • 11 minutes Covid-19 logarithmic growth
  • 15 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 18 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 1 hour America’s Corona Tsar, Andrew Fauci, Concedes Covid-19 May Be Just a Bad Flu With a Fatality Rate of 0.1%
  • 28 mins Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 7 hours Saudi Arabia Can't Endure $30 Oil For Long
  • 3 hours KSA taking Missiles from ?
  • 5 hours Where's the storage?
  • 8 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 5 hours Western Canadian Select selling for $6.48 bbl. Enbridge charges between $7 to $9 bbl to ship to the GOM refineries.
  • 5 hours Hillary Clinton tweeted a sick Covid joke just to attack Trump
  • 8 hours China extracts record amount of natural gas from Gas Hydrates in South China Sea
  • 9 hours Wait till America opens their Q1 401k Investment Statements and see they have lost 35% of their retirement savings. They can blame the Authoritarian Chinese Communist Party..
  • 11 hours There are 4 major mfg of hydroxychloroquine in the world. China, Germany, India and Israel. Germany and India are hoarding production and blocked exports to the United States. China not shipping any , don't know their policy.
  • 12 hours Oxford Epidemiologist: Here’s Why That Covid-19 Doomsday Model Is Likely Way Off
The Oil Price Rebound Won’t Last

The Oil Price Rebound Won’t Last

Both oil and stocks rallied…

Prepare For The Next Wave Of Oil Bankruptcies

Prepare For The Next Wave Of Oil Bankruptcies

As debt continues to mount…

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