Saudi Aramco kept the official selling price of Arabian Light crude to its customers in Asia during the month of December unchanged from the previous month, halting the rise in prices that continued for five months, according to what Reuters reported, citing sources on Monday.
The leading oil company in the Middle East set the official selling price for Arab Light oil at $4 per barrel above the Oman/Dubai average, which is the same premium recorded in November.
The change in the price of key Saudi crude is in line with market expectations as refiners balance weak oil processing margins with uncertainty about supplies.
As for the official selling prices for December, Aramco raised the price of extra-light crude oil to Asia for the third month by 70 cents to $4.05 per barrel above the Oman/Dubai crude prices, supported by strong prices for light, sour crude oil in the spot market.
As for other regions, Aramco reduced the official selling price for Arab Light oil for December to northwestern Europe by $2.30 per barrel to $4.90 per barrel above the price of Brent crude on the London Stock Exchange.
Meanwhile, the official selling price for Arab Light oil to the United States remained unchanged at $7.45 per barrel above the Argus Sour Crude Index in December.
