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The Silicon Review Asia

Saudi Arabia cuts September’s official selling price of crude oil in Asia

Saudi Arabia cuts September’s official selling price of crude oil in Asia

Top oil exporter Saudi Arabia has stated that it will cut off the September official selling price (OSP) for crude oil in Asia. The Middle East has seen a downfall in oil export rates and weak refining margins due to the COVID-19 pandemic. It is expected that the OSP price will fall by 61 cents a barrel, though the forecast range is cut off from $1 to 20-30 cents according to a survey conducted by Reuters. Slow demand recovery amid the pandemic has reduced the spot prices for Middle Eastern crude oil.

There is a decrease in crude oil prices; along with it, Asia's margins for gasoline, jet fuel, and high sulfur fuel oil have also seen a dip. But there was an improvement in the price of naphtha gas oil and low sulfur oil. Dubai's premium oil market price has dipped by only 6 cents so far this month. Therefore, the oil exporters have decided to cut off the crude oil price in Asia.

The state oil giant Saudi Aramco has already set its crude prices based on the recommendations from customers. The firm has also calculated the change in the value of crude oil over the past month. Based on the product yield and product price, it has reduced the crude price, and this price will be valid until the end of September. 

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