Saudi Aramco raises all July Asia-bound crude by 30-60 cents/b

July Asia-bound Light OSP differential raised by 60 cents. July Asia-bound Arab Medium and Heavy OSP differential at 7-year highs

Singapore — Saudi Aramco has raised the price differentials for all of its five crude oil grades loading in July and bound for Asia, the company said in a notice Sunday. Aramco hiked the July price differential for its flagship Arab Light grade by 60 cents/b to a premium of $2.70/b to the average of Oman/Dubai, the highest since January 2014, when it was a premium of $3.75/b to Oman/Dubai. The Arab Medium and Heavy grade July price differentials were raised by 50 cents/b from June to a premium of $1.95/b to Oman/Dubai and 60 cents/b from June to a premium of 75 cents/b to Oman/Dubai respectively. This was the highest differential for both grades since January 2012, when the Arab Medium grade price differential was at a premium of $2.75/b to Oman/Dubai, and the Arab Heavy grade price differential at a premium of $1.35/b to Oman/Dubai. Aramco also raised the July OSP differential for its Arab Extra Light crude grade bound for Asia by 50 cents/b from June to a premium of $3.20/b to Oman/Dubai. It raised the July OSP differential for Arab Super Light by 30 cents/b from June to a premium of $4.85/b to Oman/Dubai. The July Arab Extra Light grade price differential was the highest since July 2018, when it was at a premium of $3.30/b to Oman/Dubai, while the July Arab Super Light grade price differential was the highest since November 2018, when it was at a premium of $5.45/b to Oman/Dubai.

SAUDI ARAMCO’S JUNE OSP DIFFERENTIALS FOR ASIA ($/B)

Mar Apr May Jun Jul Change
Super Light 3.05 3.05 3.35 4.55 4.85 0.30
Extra Light 0.95 1.45 1.70 2.70 3.20 0.50
Arab Light 0.7 1.20 1.40 2.10 2.70 0.60
Arab Medium 0.45 0.85 1.05 1.45 1.95 0.50
Arab Heavy -0.65 -0.45 -0.25 0.15 0.75 0.60