July Asia-bound Light OSP differential raised by 60 cents/b

July Asia-bound Arab Medium and Heavy OSP differential at 7-year highs

Singapore — Saudi Aramco has raised the price differentials for all of its five crude oil grades loading in July and bound for Asia, the company said in a notice Sunday.

Aramco hiked the July price differential for its flagship Arab Light grade by 60 cents/b to a premium of $2.70/b to the average of Oman/Dubai, the highest since January 2014, when it was a premium of $3.75/b to Oman/Dubai.

The Arab Medium and Heavy grade July price differentials were raised by 50 cents/b from June to a premium of $1.95/b to Oman/Dubai and 60 cents/b from June to a premium of 75 cents/b to Oman/Dubai respectively.

This was the highest differential for both grades since January 2012, when the Arab Medium grade price differential was at a premium of $2.75/b to Oman/Dubai, and the Arab Heavy grade price differential at a premium of $1.35/b to Oman/Dubai.

Aramco also raised the July OSP differential for its Arab Extra Light crude grade bound for Asia by 50 cents/b from June to a premium of $3.20/b to Oman/Dubai. It raised the July OSP differential for Arab Super Light by 30 cents/b from June to a premium of $4.85/b to Oman/Dubai.

The July Arab Extra Light grade price differential was the highest since July 2018, when it was at a premium of $3.30/b to Oman/Dubai, while the July Arab Super Light grade price differential was the highest since November 2018, when it was at a premium of $5.45/b to Oman/Dubai.

SAUDI ARAMCO’S JUNE OSP DIFFERENTIALS FOR ASIA ($/B)

BenchmarkMarAprMayJunJulChange
Super Light(Oman+Dubai)/23.053.053.354.554.850.30
Extra Light(Oman+Dubai)/20.951.451.702.703.200.50
Arab Light(Oman+Dubai)/20.71.201.402.102.700.60
Arab Medium(Oman+Dubai)/20.450.851.051.451.950.50
Arab Heavy(Oman+Dubai)/2-0.65-0.45-0.250.150.750.60
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