Saudi Aramco Raises Oil Prices for Asia, US
August 04 2021 - 7:08AM
Dow Jones News
By David Hodari
Saudi Arabian Oil Co. on Wednesday raised all of the prices at
which it will sell oil to Asia and the U.S. in September, while
cutting its prices for Europe.
The state-run company, also known as Saudi Aramco, increased all
prices for Far East Asia, raising its Arab light crude oil by 0.30
cents a barrel to a 3.00 cents-a-barrel premium to the Oman/Dubai
average.
Meanwhile, Aramco increased its light crude sale price to the
U.S. by 0.10 cents a barrel, leaving it at a 1.35-cents-a-barrel
premium to the Argus Sour Crude Index, or ASCI, which reflect the
U.S. Gulf Coast medium-sour crude.
However, Aramco cut all of its prices for sale to both North
West Europe and the Mediterranean. The company cut its light crude
sale price for North West Europe by 0.60 cents a barrel, leaving it
with a 1.70 cents-a-barrel discount to ICE Brent. The Saudi
producer also cut its light crude sale price for the Mediterranean
by 0.90 cents-a-barrel, leaving it with a 1.70 cents-a-barrel
discount to ICE Brent.
The move provides a further signal that while some economies
continue to rebound, others have struggled with the Delta
coronavirus variant and its associated impacts on demand.
At 1132 GMT, Brent crude oil was down 0.3% at $72.17 a barrel
and WTI futures were down 0.6% at $70.16 a barrel after the
American Petroleum Institute released less bullish than expected
inventory numbers late Tuesday and as traders absorbed fresh
coronavirus restrictions in large Asian economies and the hijacking
of a tanker off the UAE late Tuesday.
Write to David Hodari at david.hodari@wsj.com
(END) Dow Jones Newswires
August 04, 2021 07:08 ET (11:08 GMT)
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