AlwaysFree: European Buyers Request December Crude Oil Loadings Despite Aramco’s Steep Price Increase

At least four term crude buyers in northwest Europe and the Mediterranean have nominated December-loading supplies although Saudi Aramco hiked its official selling prices (OSPs) steeply, trading sources said. This left only two term buyers in the region, which nominated no Saudi oil. It remained unclear whether these four buyers requested minimum contractual volumes or more than that. Aramco surprised the market when it raised its OSPs for European and Mediterranean markets by $2-3.30 per barrel for Arab Light and by $1-1.70 per barrel for Arab Medium and Arab Heavy. Market participants estimated the increase at just around $0.7-1 per barrel.