Daily Energy Report
Aramco raises its oil prices, Droughts raises emissions, Saudi budget & oil prices, $100 bbl oil, , Kenya’s geothermal, Russian naphtha to India, LNG vessel purchases, OPEC+ cuts, and more.
Chart of the Day: Aramco raised its price to Asia to the highest level in 2023
Summary
Figure (1) above shows Aramco’s Arab Light premium above the Dubai/Oman average in Asia. OSP stands for Official Selling Price, which is the price of the marker crude plus a premium. The chart shows that the premium has been increasing since last February and now stands at its highest level in 2023. Today, Aramco announced its OSPs to various markets. It increased the price of Arab light crude to Asia by $0.40 to $4/b. So the price for Arab light will be the average of the Dubai/Oman marker for November + $4.
In Northwest Europe, the price in November will be the average of ICE Brent + $7.20/b. In the US, it will be the average price of ASCI + $7.45.
Please note that now we are talking about “premium”, but many times in the past it has been sold at a “discount.”