(MENAFN- Khaleej Times) Saudi Arabia is expected to raise the official selling prices (OSPs) of most of its crude varieties in October after supply disruption drove up Dubai prices and spot premiums for Middle Eastern crude in Asia, traders said on Tuesday.
Spot premiums for October-loading crude sold in Asia jumped to multi-month highs in August after supply tightened on disruptions in Iraq and Libya ahead of peak winter demand.
Strong Brent prices against Dubai had also led to a rush for Middle Eastern and Russian crudes priced on the comparatively cheaper Gulf marker.
Saudi Aramco could raise the OSP for flagship Saudi Arab Light in October by 50-70 cents a barrel, pushing it to the highest in at least eight months, a Thomson Reuters survey of seven refiners and traders showed.
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