Thursday, May 23, 2013
By Jacob Gronholt-Pedersen
The Dubai government said Thursday that it has set the official selling price for its August crude at minus $0.05 a barrel to the Oman OSP, 5 cents narrower than the previous month.
The August Oman OSP is the average of settlement prices traded on the Dubai Mercantile Exchange in June.
Dubai, which produces only a small fraction of the United Arab Emirates' overall crude output of just over 2.2 million barrels a day, has traditionally served as the benchmark crude oil for Middle East producers, who price cargoes at a differential to published estimates of Dubai/Oman prices.
Write to Jacob Gronholt-Pedersen at jacob.pedersen@dowjones.com
(END) Dow Jones Newswires
23-05-13 0605GMT
