On Monday, Saudi Arabia’s state oil company Saudi Aramco increased the December official selling price (OSP) of the Arab Light grade bound to be shipped to Asia by USD0.40/barrel from November’s level to a premium of USD3.40/barrel to the Oman/Dubai average.
Saudi Arabia also raised its December Arab Light OSP to Northwest Europe and the US.
The increase was due to the higher Middle East benchmarks. On the contrary, the Arab Heavy grade OSP was expected to be cut due to the falling fuel oil margins, a Reuters survey showed.
