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2016-09-05 18:45:00

SAUDI RAISED PRICES

SAUDI RAISED PRICES

According to BLOOMBERGSaudi Arabia, the world's largest crude exporter, raised pricing for October oil sales to Asia and the U.S. in a sign of strengthening demand.

State-owned Saudi Arabian Oil Co., known as Aramco, increased its official selling price for Arab Light crude to Asia by 90 cents a barrel, to 20 cents below the regional benchmark, it said Sunday in an e-mailed statement. The company had been expected to raise Arab Light prices by 50 cents a barrel, to 60 cents less than the benchmark for Asian buyers, according to the median estimate in a Bloomberg survey of seven refiners and traders in the region.

Brent crude has dropped about half from its average price in 2014, when Saudi Arabia led the Organization of Petroleum Exporting Countries to maintain production to drive out higher-cost suppliers. The group decided at a June 2 meeting in Vienna to stick to its policy of unfettered production, with ministers united in their optimism that global oil markets are improving. OPEC will meet again this month in Algiers.

Global Demand

Saudi Arabia won't boost output to its full 12.5 million barrel-a-day capacity and flood the market, the kingdom's Energy Minister Khalid Al-Falih said last week. Saudi Arabia isn't concerned about global demand in spite of a drop in prices and a slower economy, Al-Falih said in an interview with Al-Arabiya television while on a state visit to Asian nations including China and Japan.

Saudi Aramco raised pricing for all other crude grades to Asia by a range of 70 to 95 cents a barrel against the benchmark, while it boosted pricing for all grades to the U.S. by a range of 20 to 30 cents. The company cut all prices to Northwest Europe and the Mediterranean region.

Middle Eastern producers are competing with cargoes from Latin America, North Africa and Russia for buyers in Asia, Saudi Arabia's largest market. Producers in the Persian Gulf region sell mostly under long-term contracts to refiners. Most of the Gulf's state oil companies price their crude at a premium or discount to a benchmark. For Asia the benchmark is the average of Oman and Dubai oil grades.

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Earlier: 

OIL PRICE COMPROMISE 

CONFLICTING OIL PRICES: $45.7 

SAUDI STABILIZES PRICES 

OIL EXPLORATION & PRICES 

SAUDI NEED COOPERATION 

SHAKY MARKET BALANCE 

RUSSIA - SAUDI TALKS

 

 

Tags: SAUDI, OIL, PRICES

Chronicle:

SAUDI RAISED PRICES
2017, December, 11, 09:55:00

SAUDIS OIL FOR JAPAN

REUTERS - State oil company Saudi Aramco last week raised prices for all crude oil grades to Asia in January.

SAUDI RAISED PRICES
2017, December, 11, 09:50:00

U.S. EMPLOYMENT UP BY 228,000

U.S. BLS - Total nonfarm payroll employment increased by 228,000 in November, and the unemployment rate was unchanged at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in professional and business services, manufacturing, and health care.

SAUDI RAISED PRICES
2017, December, 11, 09:45:00

ДОХОДЫ РОССИИ: +204,8 МЛРД. РУБ.

Отклонение нефтегазовых доходов федерального бюджета от месячной оценки, соответствующей Федеральному закону о федеральном бюджете на 2017-2019 годы, в декабре 2017 года прогнозируется в размере +204,8 млрд руб.

SAUDI RAISED PRICES
2017, December, 11, 09:40:00

OPEC WILL BACK BY 2040

“Tight oil supplies are the wild card. They have reshaped the global outlook in recent years,” observed Ayed S. Al-Qahtani, who directs the research division at the OPEC Secretariat in Vienna. “US tight oil supplies will be the most important contributor but are expected to reach their peak around 2025.”

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