• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 28 mins One Last Warning For The U.S. Shale Patch
  • 7 hours Russian Effect: U.S. May Soon Pause Preparations For Delivering F-35s To Turkey
  • 7 hours Poll: Will Renewables Save the World?
  • 7 hours China's Expansion: Italy Leads Europe Into China’s Embrace
  • 2 hours Chile Tests Floating Solar Farm
  • 7 hours New Rebate For EVs in Canada
  • 6 hours Trump Tariffs On China Working
  • 15 mins Trump sells out his base to please Wallstreet and Oil industry
  • 10 hours The Political Debacle: Brexit delayed
  • 22 hours Oil-sands recovery by solvents has started on a trial basis; first loads now shipped.
  • 15 hours Boeing Faces Safety Questions After Second 737 Crash In Five Months
  • 34 mins Read: OPEC THREATENED TO KILL US SHALE
  • 5 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
The Most Important Technical Tool For Energy Traders

The Most Important Technical Tool For Energy Traders

Energy traders must constantly be…

Global Intelligence Report – 20th March 2019

Global Intelligence Report – 20th March 2019

The power balance in conflict…

Saudi Arabia May Increase the Price of Crude Oil Exported to Asia

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



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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