Saudi Aramco lifted all its Asian prices for September 2022 yet showed a great deal of caution.
- Aug 25, 2022, 4:00 PM CDTUAE crude exports have started to stagnate after almost a year of surprisingly consistent increments.The life of Middle Eastern national oil companies was just too good to continue as previously, raking in unbridled profits amidst triple-digit oil prices. September 2022 is unlikely to change anything in the grand scheme of things, however now more than ever this year, fears of demand destruction have been plaguing macroeconomic forecasts and consumption algorithms.
This can also be seen in a marginal reversal in medium sour Upper Zakum prices, which were increased $0.20 per barrel to a $3 per barrel discount to Murban.The Iraqi state oil marketer SOMO has kept its Asian pricing policy in line with the Saudis, hiking the September OSP of Basrah Medium by $0.60 per barrel, taking it to a premium of $5.10 per barrel over the Oman/Dubai average.
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