UPDATE 1-Saudi Arabia cuts Arab Light March OSP to Asia for fourth straight month
SAUDI ARAMCO 2222.SA | 27.56 | +0.58% |
Adds table, context and details
Feb 5 (Reuters) - Saudi Arabia lowered the official selling price of March Arab Light crude to Asia for a fourth straight month, Saudi Aramco said in a statement on Thursday.
The March OSP for Arab Light crude was set at parity with the Oman/Dubai average, down from a premium of $0.30 a barrel in February.
Aramco's Mediterranean OSP for Arab Light was set at a $0.85 discount to ICE Brent, widening from a $0.55 discount the prior month. The company's Arab Light OSP for Northwest Europe fell 30 cents, to a discount of $0.65 versus ICE Brent, and its price for North American customers fell 10 cents, to a $2.10 premium to ASCI.
Meanwhile, producer group OPEC+ agreed to keep its oil output unchanged for March at a meeting held on Sunday.
The eight producers - Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman - raised production quotas by about 2.9 million barrels per day from April through December 2025, roughly 3% of global demand.
In November they froze further planned increases for January through March 2026 because of seasonally weaker consumption.
Saudi term crude supplies to Asia are priced as a differential to the Oman/Dubai average: |
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MARCH |
FEBRUARY |
CHANGE |
|
SUPER LIGHT |
$2.15 |
$1.95 |
+0.20 |
EXTRA LIGHT |
$1.00 |
$0.80 |
+0.20 |
LIGHT |
$0.00 |
$0.30 |
-0.30 |
MEDIUM |
-$1.25 |
-$0.85 |
-0.40 |
HEAVY |
-$2.60 |
-$2.20 |
-0.40 |
Prices at Ras Tanura destined for United States are set against ASCI: |
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|
MARCH |
FEBRUARY |
CHANGE |
EXTRA LIGHT |
$3.95 |
$4.05 |
-0.10 |
LIGHT |
$2.10 |
$2.20 |
-0.10 |
MEDIUM |
$1.40 |
$1.70 |
-0.30 |
HEAVY |
$0.65 |
$0.95 |
-0.30 |
|
|
|
|
Prices at Ras Tanura destined for Northwest Europe are set against ICE Brent: |
|||
|
MARCH |
FEBRUARY |
CHANGE |
EXTRA LIGHT |
$0.95 |
$1.25 |
-0.30 |
LIGHT |
-$0.65 |
-$0.35 |
-0.30 |
MEDIUM |
-$1.45 |
-$1.15 |
-0.30 |
HEAVY |
-$3.85 |
-$3.55 |
-0.30 |
|
|
|
|
Prices at Ras Tanura for Saudi oil destined for the Mediterranean are set against ICE Brent: |
|||
|
MARCH |
FEBRUARY |
CHANGE |
EXTRA LIGHT |
$0.85 |
$1.15 |
-0.30 |
LIGHT |
-$0.85 |
-$0.55 |
-0.30 |
MEDIUM |
-$1.45 |
-$1.15 |
-0.30 |
HEAVY |
-$4.15 |
-$3.85 |
-0.30 |
