Latest news with #ArgusSourCrudeIndex
Argaam
05-05-2025
- Business
- Argaam
Saudi Aramco sets Arab Crude OSP for June
Saudi Aramco set the official selling price (OSP) for its Arab Light crude for June delivery to North America at $3.4 per barrel above the Argus Sour Crude Index (ASCI). For Western Europe, the Arab Light price was set at $1.45 per barrel above ICE Brent, according to a statement to Argaam. The Arab Light crude grade was priced $1.25 above the ICE Brent for Europe and the Mediterranean. In addition, the price for East Asia was set at $1.40 more than the average of the Oman and Dubai benchmarks, as shown below: Aramco produces five density-based grades of crude oil: Super Light (greater than 40 degrees), Arab Extra Light (36-40), Arab Light (32-36), Arab Medium (29-32), and Arab Heavy (below 29), according to Argaam 's data.
Shafaq News
11-03-2025
- Business
- Shafaq News
Iraq's SOMO cuts April crude prices for Asia, Europe as OPEC+ supply rises
Shafaq News/ Iraq's State Oil Marketing Organization (SOMO) has lowered its official selling prices (OSP) for April crude oil shipments to Asia and Europe as OPEC+ prepares to ease supply restrictions, a source told Shafaq News on Monday. Iraq is part of an eight-nation OPEC+ group withholding 2.2 million barrels per day (bpd) from the market. The coalition has confirmed it will gradually restore these barrels starting in April, following previous delays due to market conditions. Under the plan, Iraq's production quota will rise by 12,000 bpd next month, while Baghdad has pledged to comply with OPEC+ output targets and offset previous overproduction in 2024. For Asian buyers, SOMO cut Basrah Medium and Basrah Heavy crude prices by 50 cents per barrel from March, based on Platts' Oman/Dubai crude assessments. Basrah Medium's April OSP was set at a premium of $2.15 per barrel over Oman/Dubai, while Basrah Heavy was priced at a discount of 90 cents per barrel. For European buyers, Basrah Medium's April price was set at a $1.50 per barrel discount to Brent, a 25-cent decrease from March, while Basrah Heavy's discount widened to $4.15 per barrel against Brent, compared to $4.05 the previous month. For American buyers, SOMO kept Basrah Medium and Basrah Heavy crude prices unchanged. However, Kirkuk crude's OSP increased, with April shipments priced at a $1.50 per barrel premium to the Argus Sour Crude Index, up 30 cents from March. Kirkuk crude's price for European buyers remained at a $1 per barrel premium to Brent.
Argaam
07-03-2025
- Business
- Argaam
Saudi Aramco sets Arab Crude OSP for April
Saudi Aramco set April official selling price (OSP) for its Arab Light crude to North America at $3.8 per barrel above the Argus Sour Crude Index (ASCI). The Arab Light price for buyers in West Europe has been set at $3.05 above the ICE Brent, according to a statement to Argaam. The Arab Light crude grade was priced $2.85 above the ICE Brent for Europe and the Mediterranean, while the price for East Asia was set at $3.50 above the average of the Oman and Dubai benchmarks, as shown below: Aramco produces five grades of crude: Super Light, Arab Light, Arab Extra Light, Arab Medium, and Arab Heavy, according to Argaam data. The Arab Super light crude is characterized by a density of more than 40, while the Arab Extra light is characterized by a density ranging between 36 and 40. The Arab Light has a density between 32 and 36, the Arab Medium crude has a density between 29 and 32 degrees, and the Arab Heavy has a density of less than 29 degrees.
Argaam
05-02-2025
- Business
- Argaam
Saudi Aramco sets Arab Crude OSP for March
Saudi Aramco set March official selling price (OSP) for its Arab Light crude to North America at $3.8 per barrel above the Argus Sour Crude Index (ASCI). The Arab Light price for buyers in West Europe has been set at $3.25 above the ICE Brent, according to a statement picked up by Argaam. The Arab Light crude grade was priced $3.15 above the ICE Brent for Europe and the Mediterranean, while the price for East Asia was set at $3.9 above the average of the Oman and Dubai benchmarks, as shown below: Aramco produces five grades of crude: Super Light, Arab Light, Arab Extra Light, Arab Medium, and Arab Heavy, according to Argaam data. The Arab Super light crude is characterized by a density of more than 40, while the Arab Extra light is characterized by a density ranging between 36 and 40. The Arab Light has a density between 32 and 36, the Arab Medium crude has a density between 29 and 32 degrees, and the Arab Heavy has a density of less than 29 degrees.
