UPDATE 1-Saudi Arabia cuts Arab Light March OSP to Asia for fourth straight month

SAUDI ARAMCO +0.58%

SAUDI ARAMCO

2222.SA

27.56

+0.58%

Adds table, context and details

- 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:

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:

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