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Weekly Summary

Crude/Condensate: Oct 4-8: Saudi reduces Nov AL OSP by 40cts

Middle East

Saudi Aramco set the November-loading OSP formula for the country's flagship crude Arab Light (AL) at a premium of $1.30 to Dubai/Oman average, down 40cts from the previous month. Saudi Aramco trimmed the OSPs following the previous month amid growing competition among producers to expand their sales shares. Saudi Aramco also took narrowing backwardation in Dubai quotes into consideration to set the OSP.



In the trade of Brazilian grades bound for Asia, French Total Energies was said to have sold 1.00mil bbl of Brazilian Lapa for January arrival. The details for the price and the buyer were unknown but Total appeared to have offered the cargo at a premium of high $1.00 to ICE Brent on a DES Shandong basis. Lapa is a heavy grade with an API gravity of 22.7 degrees and a sulfur content of 0.57%. In addition to Total Energies, Royal Dutch Shell and Repsol in Spain have equities in Lapa.


Asia Pacific

In the trade of regional condensates for December-loading, a preliminary loading program of December-loading Australian NWSC was released. A total of three cargoes (650,000bbl each) would be supplied for December-loading, one cargo more than the previous month and recovering to normal months. Japan's Mitsui & Co. would handle a Nov 30 to Dec 4 loading cargo, and a cargo for Dec 8-12 loading would be allocated to Australia's BHP Billiton. In addition, Australia's Woodside would handle a cargo for Dec 19-23 loading.


Crude/Condensate: Oct 4-8: Saudi reduces Nov AL OSP by 40cts

Tokyo : Crude/Condensate Team  Hashimoto   +81-3-3552-2411Copyright © RIM Intelligence Co. ALL RIGHTS RESERVED.