Saudi Aramco has cut its October official selling prices (OSPs) for all of its crude supplies to the US and Asia. At the same time, the oil giant raised OSPs for some grades to Northwest Europe and the Mediterranean. Aramco cut the October OSP of Extra Light to the US by 70 cents/barrel to a premium of $1.50/barrel against the ASCI. The company lowered OSP of Light by 60 cents/barrel while cutting OSPs for both Medium and Heavy grades by 50 cents/barrel.
The October OSP of Arab Light was reduced by $1.40/barrel to a discount of 50 cents/barrel to Oman/Dubai prices. Market participants have previously expected the company to cut OSPs, citing signs of tepid demand. Super Light and Extra Light were cut by $1.50/barrel, while Arab Medium and Heavy were reduced by $1.20/barrel and 90 cents/barrel, respectively.
The OSP of Medium grade for Northwest Europe was at a discount of $1.90/b against ICE Brent, unchanged from September. Extra Light and Light were cut by 60 cents/barrel, and 20 cents/barrel, respectively, while Heavy grade increased by 30 cents/barrel.
Aramco increased the OSP for its Heavy grade for the Mediterranean by 30 cents/barrel to a discount of $1.80/barrel to ICE Brent. Extra Light and Light were cut by 60 cents/barrel and 40 cents/barrel, respectively, while Medium grade was lowered by 20 cents/barrel.
