State-owned Saudi Aramco has cut official selling prices (OSP) for its oil headed to the U.S. for the first time since April.
Their key export grades – Arab Extra Light, Light, Medium and Heavy – for September will be $0.75/bbl cheaper than that for the month prior. Sales are priced as a differential to ASCI (Argus Sour Crude Index).
The price cuts for U.S.-bound shipments were smaller than those for Europe and the Mediterranean for which Aramco reduced prices by $2.75/bbl. For Asia, prices for Arab Medium and Heavy were held steady; others were raised $0.10-$0.20/bbl.
