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Saudi Aramco has slashed its official selling price for crude oil destined for Asia in July, the company confirmed in an official statement yesterday, reports Arab News.
The state-owned oil giant cut the price of its benchmark Arab Light crude by $0.20, setting it at $1.20 per barrel above the average of Oman and Dubai crude prices.
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 July OSP for Arab Light at $3.50 per barrel above the Argus Sour Crude Index.
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