Latest news with #SuperLight
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.
Arab News
05-05-2025
- Business
- Arab News
Saudi Aramco raises June oil prices for Asian markets
RIYADH: Saudi Aramco has increased its official selling price for crude oil destined for Asia in June, ending a two-month streak of price cuts, the company confirmed in an official statement on Sunday. The state-owned oil giant raised the price of its benchmark Arab Light crude by $0.20, setting it at $1.40 per barrel above the average of Oman and Dubai crude prices. The adjustment comes despite persistent downward pressure on global oil markets due to concerns over rising supply and a fragile demand outlook. The move follows Saturday's announcement from the OPEC+ alliance, which agreed to boost oil production for a second consecutive month. The group, which includes both OPEC members and key allies like Russia, plans to increase output by 411,000 barrels per day in June. Market observers are now closely watching the outcome of the next OPEC+ meeting, scheduled for May 5, which will further clarify the group's production strategy heading into summer. Saudi Aramco prices its crude oil across five density-based grades: Super Light (greater than 40), Arab Extra Light (36-40), Arab Light (32-36), Arab Medium (29-32), and Arab Heavy (below 29). The company's monthly pricing decisions impact the cost of around 9 million barrels per day of crude exported to Asia and serve as a pricing benchmark for other major regional producers, including Iran, Kuwait, and Iraq. In the North American market, Aramco set the May OSP for Arab Light at $3.40 per barrel above the Argus Sour Crude Index. Aramco determines its OSPs based on market feedback from refiners and an evaluation of crude oil value changes over the past month, taking into account yields and product prices.
Arab News
06-02-2025
- Business
- Arab News
Saudi Aramco raises March oil prices for Asia
RIYADH: Saudi Aramco has significantly raised its crude oil prices for Asian customers in March, reaching their highest levels in over a year. This price hike comes as a result of rising benchmark prices, driven by increased demand from China and India, as well as supply disruptions due to US sanctions on Russian oil. According to an official statement, the official selling price for the benchmark Arab Light crude has been increased by $2.40 per barrel. For March, the price for Asian buyers has been set at $3.90 per barrel above the regional benchmark. Other grades also saw price hikes, with the OSP for Arab Extra Light and Super Light increasing by $2.40 and $2.10 per barrel, respectively. The OSP for Arab Medium crude was raised by $2.50 per barrel, while the price for Arab Heavy crude went up by $2.60 per barrel. For North America, Aramco has set the March OSP for Arab Light crude at $3.80 per barrel above the Argus Sour Crude Index. Earlier this week, OPEC+ members reaffirmed their commitment to maintaining stability in the global oil market through production cuts. The 58th Joint Ministerial Monitoring Committee session, conducted via videoconference, reviewed crude oil production data for November and December 2024 and highlighted strong compliance by both OPEC and non-OPEC countries involved in the Declaration of Cooperation. The committee reiterated its commitment to the DoC, which is set to extend through the end of 2026. It also commended Kazakhstan and Iraq for their improved compliance, including voluntary production adjustments. OPEC also welcomed renewed pledges from overproducing countries to fully comply with production targets. Saudi Aramco produces five grades of crude oil: Super Light, Arab Light, Arab Extra Light, Arab Medium, and Arab Heavy. These grades are differentiated by their density. Super Light has a density greater than 40, Arab Extra Light ranges from 36 to 40, Arab Light falls between 32 and 36, Arab Medium is between 29 and 32, and Arab Heavy has a density of less than 29. Saudi Aramco typically releases its crude OSPs around the 5th of each month, setting the price trend for other major producers, including Iran, Kuwait, and Iraq. These price benchmarks affect approximately 9 million barrels per day of crude oil shipments to Asia.
