2024-05-07 06:55:00
SAUDI'S OIL PRICES UP
AN - May 5, 2024 - Saudi Aramco raised June’s official selling price for the flagship Arab light crude it sells to Asia, according to an official statement.
Differentials for the flagship Arab Light grade were priced at Platts Dubai/DME Oman +$2.90 per barrel, up from +$2 a barrel in April.
This was the highest OSP in five months and largely in line with expectations, based on a firmer market structure and higher spot premiums last month for tradable Middle East grades such as Oman, Al Shaheen and Upper Zakum.
The higher OSPs also came after the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, maintained the first quarter round of voluntary cuts into the second quarter, while the global crunch on supplies of sour crude also underpinned Middle East grades.
Arab Medium was increased by $1 per barrel to +$2.35 per barrel, while Arab Heavy was hiked $1.10 a barrel to +$1.60 per barrel.
For Northwest Europe, the Arab Light OSP was set +$2.10 per barrel over ICE Brent futures, up from +$0.30/b while Medium was hiked from minus $0.40/b to +$1.10/b. Both grades were hiked to reflect the relative weakness in Brent compared to sour barrels.
Arab Light for April to the US Gulf was kept unchanged at +$4.75 per barrel over ASCI, while Medium was at +$5.45/b and Heavy at +$5.10/b, respectively, both slightly lower on the month.
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Earlier:
2024, April, 23, 06:55:00
SAUDI'S CRUDE PRODUCTION UP
The data indicated that the Kingdom’s crude exports rose to 6.32 million bpd, reflecting a monthly increase of 0.32 percent.
2024, April, 8, 06:50:00
OPEC+ HIGH CONFORMITY
The Committee also welcomed the announcement by the Russian Federation that its voluntary adjustments in the second quarter of 2024 will be based on production instead of exports.
2024, March, 7, 06:55:00
OPEC+ VOLUNTARY CUTS
These voluntary cuts are calculated from the 2024 required production level as per the 35th OPEC Ministerial Meeting held on June 4, 2023, and are in addition to the voluntary cuts previously announced in April 2023 and later extended until the end of 2024.
2024, March, 7, 06:50:00
OPEC+: HARD DECISION
These curbs on supply have helped prop up the price of crude for the past 18 months but left Saudi Arabia, which has cut its production by 2mn barrels a day, shouldering most of the cost.
2024, February, 9, 06:45:00
OPEC + RUSSIA COHESION
The Committee will continue to closely assess market conditions. Building on the strong cohesion between OPEC and participating non-OPEC oil-producing countries,
2023, December, 6, 06:20:00
SAUDI ARABIAN CLEAN ENERGY
“Right now, we have 22.8 GW of renewable energy projects under different stages of development; 2.8 GW will be operational before the end of the year,” Muneef Al-Muneef, general director of renewable energy policies at the Saudi Ministry of Energy.
2023, June, 9, 06:35:00
SAUDI ARABIA OIL PRODUCTION DOWN 1 MBD
The kingdom’s energy minister Prince Abdulaziz bin Salman, Opec’s de facto leader, made the move as part of a deal in which several weaker African members will have quotas reduced from next year.
