Saudi Arabia is expected to boost the price of its crude grades loading for Asia as benchmark prices in the Middle East climb.
Saudi Arabia could raise the price of its crude grades loading for Asia in September, on the back of higher benchmark prices in the Middle East , but weak refining margins could limit the potential hikes. Saudi Aramco, the world’s top crude oil exporter, is expected to raise the official selling price OSP of all its crude grades loading for Asia next month, according to a Reuters survey of four refining sources. The Kingdom could raise the price of its flagship Arab Light grade by between $0.
Backwardation typically occurs at times of market deficit, and in it, prices for front-month contracts are higher than the ones further out in time. However, refining margins are weak in Asia and could limit the potential of a Saudi price hike for September, some of the respondents in the Reuters survey said. They expect the OSPs of all grades to Asia to be raised by between $0.50 and $0.80 per barrel.
Crude Oil Oil Prices Asia OSP Middle East Refining Margins
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