Saudi Aramco on Monday increased its July crude export official selling prices (OSPs) for all grades and regions, after OPEC+ decided to renew its deal on supply cuts for another month a day earlier. The OSP for Aramco’s Arab Light crude for Asia was set at a 20 cents/barrel premium to the average of the Dubai and Oman benchmarks for July, an increase of $6.10/barrel from June OSP.
Aramco’s July OSPs of Extra Light and Medium crudes for Asia were also set at plus 20 cents/barrel against July’s Dubai and Oman benchmarks average. Compared to June, the OSPs are $6.70/barrel and $5.90/barrel higher, respectively.
Meanwhile, Arab Heavy heading to Asia was set at a 10 cents/barrel discount to the Dubai and Oman average and Arab Heavy heaving to Northwest Europe was set at minus 50cents/barrel against the ICE Brent benchmark. Both prices were the only OSPs which were still at discounts to their respective benchmarks, but they were $5.60/barrel and $3.90/barrel higher than the prior month’s OSPs, respectively.
Aramco’s monthly OSPs are the most closely watched pricing on the global oil market. The oil giant delayed July OSPs announcement, reportedly waiting for the result of OPEC+ meeting on Saturday. The cartel decided to extend the 9.6 million b/d output curb deal through July. Previously, it planned to ease the curb to 7.7 million bpd by the end of June. Under the agreement, Saudi Arabia will maintain output at 8.49 million bpd.
