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Aramco raises August prices for grades to Asia by $1 a barrel
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Increase is less than expected for flagship Arab Light crude
Saudi Arabia raised pricing for August oil shipments to Asia, the
U.S. and northern Europe amid signs that energy demand is recovering
from its coronavirus-triggered collapse.
The world’s biggest crude exporter is increasing rates as it
pushes other major producers to keep cutting supply to re-balance the
market.
State producer Saudi Aramco lifted the official selling price
for its flagship Arab Light crude to buyers in Asia, its biggest
market, for a third consecutive month, though by less than expected.
Aramco raised pricing to the U.S., where it’s also reining in shipments,
for a fourth month.
“The
increase in prices reflects the overall recovery in oil markets,” said
Carole Nakhle, chief executive officer of London-based consultant
Crystol Energy. “Demand growth remains uneven and may even be subject to
temporary reversals, but it is unlikely to fall off a cliff because
lockdowns, if re-introduced, are likely to be more localized.”
Arab Light crude to Asia rises to $1.20 a barrel above the
Middle East benchmark, compared with a 20-cent premium for July, the
company said in a statement. Traders and refiners, who are struggling
with low margins, expected the premium to climb to $1.45, according to a
Bloomberg survey.
Aramco
raised U.S. pricing by between 20 cents and 40 cents a barrel. Light
crude will sell at a premium of $1.65 a barrel, up by 30 cents, the
company said. It also increased rates for most grades sold to
northwestern Europe -- the main hub for which is Rotterdam. The only
reductions are to the Mediterranean region, where Aramco pared prices by
as much as $1 a barrel.
Saudi
Arabia and Russia have led efforts by the OPEC+ producer alliance since
April to reduce output and drain stockpiles. The group agreed in June
to extend cuts totaling nearly 10 million barrels a day -- roughly 10%
of world supply before the pandemic hit -- for a third month until the
end of July. They plan to scale them back after that.
| August OSPs to Asia | Change | Premium |
|---|---|---|
| Arab Super Light | +$1/bbl | $2.65/bbl |
| Arab Extra Light | +$1 | $1.20 |
| Arab Light | +$1 | $1.20 |
| Arab Medium | +$1 | $1.20 |
| Arab Heavy | +$1 | $0.90 |
OPEC+
is “on the right track” but still has “a long way to go” before
re-balancing oil markets, Saudi Energy Minister Prince Abdulaziz bin
Salman said in mid-June. The Saudis slashed their crude shipments last
month to a multi-year low, according to Bloomberg tanker tracking.
Brent crude has more than doubled since OPEC+’s April
agreement to around $43 a barrel. The global benchmark is still down 34%
this year.
— With assistance by Sharon Cho
(Updates with analyst comment in fourth paragraph; pricing details in fifth.)
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