Saudi Arabia announces September crude selling prices - document

It set the OSP to Northwestern Europe to minus $1.80 per barrel over ICE Brent

  
Image used for illustrative purpose. A derek pumps in a oil field January 15, 2003 near the Saudi Arabian border, Kuwait.

Image used for illustrative purpose. A derek pumps in a oil field January 15, 2003 near the Saudi Arabian border, Kuwait.

Getty Images/Joe Raedle

DUBAI- Saudi Arabia's state oil producer Aramco has cut the official selling prices (OSPs) for its crude to Asia and Europe, while leaving them unchanged for the United States.

Aramco set the official selling price for its Arab light crude to Asia at plus $0.90 a barrel versus Oman/Dubai average, down $0.30 from August, a document obtained by Reuters showed.

The OSP cuts were in line with market expectations, tracking falling Middle East benchmarks and weak refining margins, according to a Reuters survey. 

Slow demand recovery amid the second wave of COVID-19 infections has depressed spot prices for Middle Eastern crude this month, while Asia's refining margins remained weak.

The company set the Arab Light OSP to Northwestern Europe at a discount of $1.80 a barrel over ICE Brent, down $2.50 from August.

It set the crude price to the United States at plus $1.65 per barrel over ASCI (Argus Sour Crude Index), unchanged from the previous month.

(Reporting By Rania El Gamal and Maha El Dahan; editing by David Evans, Kirsten Donovan) ((Maha.Dahan@thomsonreuters.com; + 9712 4082101; Reuters Messaging: maha.dahan.thomsonreuters.com@reuters.net))

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