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Aramco Cuts Oil Prices for September sales to Asia
Saudi Aramco, the world’s largest state-owned oil company, lowered official selling prices on all crude grades for customers in Asia and Europe for September, and cut prices for light grades to the U.S
The company cut the formula price of its Arab Super Light to Asia the
most, reducing it by 85 cents a barrel to 25 cents a barrel above the
benchmark Dubai price assessment published by Platts, according to a
person familiar with the pricing.
For shipments to the U.S., Aramco cut the premium for Arab Extra Light
crude to $1.15 a barrel above the Argus Sour Crude Index, 30 cents lower
than August cargoes, said the person who asked not to be named because
the data was sent to refiners and traders and hasn’t been publicly
released. Arab Light fell 5 cents, to a 45 cent discount to the
benchmark. Aramco raised prices for Arab Medium and Arab Heavy crude to
the U.S., the person said.
Saudi Arabia was the fourth-biggest exporter of crude to the U.S. last
year, dropping back from second place in 2008, according to data from
the U.S. Energy Information Administration. Canada, Mexico and Venezuela
all shipped more crude to the U.S., the data show.
The Dhahran-based company has supplied full crude volumes to refiners in
Asia since December. It lowered prices on most crudes to Asia in
February, March, April and July, after raising prices on light grades to
the U.S. and Asia for May and June.
The largest Organization of Petroleum Exporting Countries member and the
group’s de-facto leader, Saudi Arabia has led production cuts announced
in 2008 to support prices. OPEC decided at a March meeting in Vienna to
leave production quotas unchanged. Most members are exceeding their
output quota to take advantage of prices that rallied 78 percent last
year.
The Persian Gulf state pumped 8.3 million barrels a day in July, 10,000
more than in May and more than 200,000 barrels a day above its OPEC
quota, according to Bloomberg estimates.
Source: Bloomberg
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