Louisiana Light • 3 days | 93.55 | -0.08 | -0.09% | |||
Bonny Light • 2 days | 96.23 | -1.40 | -1.43% | |||
Opec Basket • 3 days | 97.48 | +2.17 | +2.28% | |||
Mars US • 1 day | 88.89 | -0.92 | -1.02% | |||
Gasoline • 1 day | 2.440 | -0.065 | -2.61% |
Bonny Light • 2 days | 96.23 | -1.40 | -1.43% | |||
Girassol • 2 days | 97.26 | -1.46 | -1.48% | |||
Opec Basket • 3 days | 97.48 | +2.17 | +2.28% |
Peace Sour • 1 day | 86.21 | -1.97 | -2.23% | |||
Light Sour Blend • 1 day | 86.71 | -1.97 | -2.22% | |||
Syncrude Sweet Premium • 1 day | 95.31 | -1.97 | -2.03% | |||
Central Alberta • 1 day | 84.51 | -1.97 | -2.28% |
Eagle Ford • 3 days | 88.19 | +1.32 | +1.52% | |||
Oklahoma Sweet • 3 days | 88.25 | +1.25 | +1.44% | |||
Kansas Common • 4 days | 84.00 | +3.25 | +4.02% | |||
Buena Vista • 4 days | 98.88 | +2.54 | +2.64% |
Driven by OPEC+ cutbacks, rising…
After finishing at a seven-week high on…
Reuters believes that Saudi Arabia, the world’s largest exporter of crude oil, will increase its selling prices to Asia during the month of November.
The seasonal winter demand, as well as the return to operation of several Japanese crude oil refineries that had been shut-down have caused demand in Asia to increase; a point that the Middle East will take note of when it comes to setting their new official selling prices (OSPs).
A group of traders have predicted that Saudi Arabia will increase the OSP for Arab Light by 40 cents a barrel; the OSP for Arab Extra Light by 50 cents a barrel; Arab Medium by 30 cents a barrel; and the OSP of Arab Heavy by 5-10 cents a barrel.
Saudi Aramco, the world’s largest oil company, sets its crude oil prices based on recommendations from customers, and by analysing the changing value of its oil over the previous month. Saudi Aramco’s prices then heavily influence the other oil producers in Saudi Arabia.
RELATED: What Impact does Oil have on the Syrian Civil War?
Saudi Arabian OSPs are generally announced on the fifth of the month and influence the prices of nearly seven million barrels a day of oil production capacity in the Middle East; from Iran, Kuwait, and Iraq.
By. Joao Peixe of Oilprice.com
The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Nothing contained on the Web site shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction.
Trading and investing carries a high risk of losing money rapidly due to leverage. Individuals should consider whether they can afford the risks associated to trading.
74-89% of retail investor accounts lose money. Any trading and execution of orders mentioned on this website is carried out by and through OPCMarkets.
Merchant of Record: A Media Solutions trading as Oilprice.com