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2016-08-02 18:50:00

SAUDI'S PRICE DOWN

SAUDI'S PRICE DOWN

 

OIL PRICES JULY 2016

 

OIL PRICES SEP 2015 - AUG 2016

 

According to BOE, Saudi Aramco, the world's largest oil exporter, lowered the pricing terms for Arab Light sold to Asia by the most in 10 months as refineries grapple with falling margins and oversupply.
State-owned Saudi Arabian Oil Co. said Sunday it will sell cargoes of Arab Light in September at $1.10 a barrel below Asia's regional benchmark. That is a pricing cut of $1.30 from August, the biggest drop since November, according to data compiled by Bloomberg. The company was expected to lower the pricing by $1 a barrel, according to the median estimate in a Bloomberg survey of eight refiners and traders.

Aramco's pricing cut is part of a "market share battle" for Asian customers, particularly with OPEC rival Iran which is ramping up crude exports after sanctions eased in January, John Kilduff, partner at Again Capital LLC in New York, said by phone on Sunday. Refineries in China "bought a lot of extra crude earlier this year when prices were lower, so they're going to have to work that off," he said.

Refineries from Singapore to China and South Korea are cutting operating rates amid a slump in margins and rising supply from state-owned giants such as China Petroleum and Chemical Corp. In China, independent refiners are operating at less than half their capacity at a six-month low, according to data compiled from Oilchem.net.

OIL PRICES

Brent crude has climbed 14 percent since the start of the year on supply disruptions from Nigeria to Canada. Prices are still 20 percent lower in the past year. Saudi Arabia led the November 2014 decision by the Organization of Petroleum Exporting Countries to maintain production levels to drive out higher-cost producers.

All other official selling prices for Asian clients were reduced. The biggest cut was by $1.60 for Extra Light crude. Pricing for Light and Extra Light grades for U.S. clients was cut, by 20 cents and 40 cents, respectively, while the Medium and Heavy grades were unchanged. Aramco raised the pricing of all grades except Extra Light to northwest Europe and the Mediterranean.

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Earlier: 

URALS: $38.68 

WBG: OIL PRICES $53 - $60 

OIL PRICES DOWN TO $42.51 

GLOBAL PROFITS & CASH FLOW DOWN 

WBG: 2016: OIL PRICE $43

 

 

 

Tags: SAUDI, OIL, PRICES

Chronicle:

SAUDI'S PRICE DOWN
2019, January, 18, 10:25:00

BANGLADESH'S NEW ENERGY

PLATTS - Bangladesh is planning to step up efforts to liberalize its gas and LNG sectors from 2019 in order to boost private investment and enhance energy security, a move that would likely increase domestic downstream competition and affect the competitiveness of existing oil-linked LNG supply contracts.

SAUDI'S PRICE DOWN
2019, January, 18, 10:20:00

NOVATEK PRODUCTION +6.9%

NOVATEK - In 2018, NOVATEK’s hydrocarbon production totaled 548.4 million barrels of oil equivalent (boe), including 68.81 billion cubic meters (bcm) of natural gas and 11,800 thousand tons of liquids (gas condensate and crude oil), resulting in an increase in total hydrocarbons produced by 35.1 million boe, or by 6.9% as compared with the twelve months 2017.

SAUDI'S PRICE DOWN
2019, January, 16, 11:40:00

OIL PRICE: ABOVE $60

REUTERS - International Brent crude oil futures LCOc1 were at $60.68 per barrel at 0703 GMT, 4 cents above their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 2 cents from their last settlement, at $52.13 a barrel.

SAUDI'S PRICE DOWN
2019, January, 16, 11:35:00

GERMANY PROTECTS EUROPE

REUTERS - Germany will try to protect German and European companies from some potentially “massive collateral damage” if Washington levies further sanctions against Russia, Foreign Minister Heiko Maas said.

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