State-owned Saudi Aramco has left unchanged official selling prices (OSPs) for its crudes bound for the U.S. in January 2025, halting a four month stretch of cuts. These prices are differentials to Argus Sour Crude Index (ASCI, see table below for details).
Aramco often monitors competing U.S. Gulf sour crudes, notably Mars Blend, and regional demand-supply fundamentals to adjust prices for its slate of grades. Mars prices averaged at 65c/bbl under NYMEX oil futures in November, up from $1.26/bbl discount in October, according to Link Data Services, in part tied to the return of the Shell Norco refinery. But note there is winter refining maintenance coming up, and that can tamp down crude demand.
Meanwhile, the producer reduced prices for Northwest Europe, the Mediterranean and Asia, its largest customer. Aramco’s move comes on the heels of a decision on December 5 by the OPEC alliance to extend several of its output cuts into 2026. These delays have been tied to uncertain demand outlook, notably from China, and rising supplies outside of the group.
The group also extended the compensation period for countries that have overproduced this year to June 2026 from September 2025. This year, Iraq, Kazakhstan and Russia had overproduced during January-July and were to offset that by making extra cuts. The alliance will be holding their next meeting on May 28, 2025. The OPEC cartel will be hosting a conference on December 10 under the presidency of Marcel Abeke, Gabon’s Minister of Petroleum.
