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Saudi Arabia Lowers Arab Light Prices To Asia

Oil

Saudi Arabia has lowered the official selling price (OSP) for its flagship crude grade, Arab Light, to a discount of $0.45/bbl to the Oman/Dubai average, which compares with a discount of $0.20/bbl for July, Reuters reports. (In contrast, the OSP of Arab Heavy crude was raised by 10 cents m-o-m to a discount of $1.75/bbl to the Oman/Dubai average). For Europe, the OSP of Arab Light was raised to a discount of $2.55/bbl to ICE Brent crude, while for the US the OSP was unchanged at a premium of $1.10/bbl to the Argus Source Crude Index (ASCI).