Saudi Aramco Raises July OSPs After OPEC+ Cuts Extended

Saudi Aramco on June 7 hiked its July crude export official selling prices across the board, for all regions and grades, a day after OPEC and its allies agreed to continue historic production cuts for another month.

The OSP differential for its Arab Light crude headed to Asia was set at plus 20 cents/b against the average of the Dubai and Oman benchmarks over July. That is up by $6.10/b from the June price, far above the $2-$5/b increase that traders had expected, according to a survey. Aramco also set the OSP differentials for its Extra Light and Medium crudes headed to Asia at a 20 c/b premium to the average of Dubai and Oman, a month-on-month rise of $6.70/b and $5.90/b, respectively…

View entirety: S&P Global Platts