(MENAFN- Gulf Times) Saudi Arabia has cut the official selling price (OSP) for its benchmark Arab Light crude to Asia in August, as expected, while raising the price to European customers. State oil company Aramco has lowered the August price for its Arab Light grade for Asian customers by 10 cents a barrel versus July, setting it at minus $0.10 to the Oman/Dubai average, it said yesterday.
The top oil exporter raised its August OSP for its Arab Light grade to northwest Europe by 25 cents a barrel from the previous month at a discount of $2.65 a barrel to the Brent Weighted Average (BWAVE).
The Arab Light OSP to the US was unchanged for August from a month earlier, set at a premium of $1.55 a barrel to the Argus Sour Crude Index (ASCI). A Reuters survey on Wednesday forecast a cut for medium and heavy grades Aramco sells to Asia in August on weaker fuel oil cracks, while keeping price for its flagship light crude little changed.
The price cuts reflects lower crude demand in Asia as refining margins weakened. Opec's supply, at the highest for three years in June, also weighed on the market.
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