The jump in Saudi Arabia's crude oil prices for its Asian customers is a real world example of how the Russian invasion of Ukraine is starting to force a realignment of global oil markets.
Saudi Aramco (2222.SE), the state-controlled producer, raised its official selling price (OSP) for its flagship Arab Light crude for Asian refiners to a record premium of $9.35 a barrel above the Oman/Dubai regional benchmark. read more
An increase in the OSP had been anticipated, with a Reuters survey of seven refiners estimating the price would rise to a premium of between $10.70 and $11.90. read more
This means the actual increase from April's premium of $5.90 to May's $9.35 was somewhat below market expectations, but still highlights that refiners in Asia are going to be paying considerably more for Middle East crudes.
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