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)