RIYADH: Saudi Aramco has increased the official selling price of its flagship Arab Light crude for Asian buyers in September.
The state-owned energy giant raised the Arab Light price by $1 per barrel from August to a premium of $3.20 over the average of Oman and Dubai crude benchmarks, according to an official statement issued on Wednesday. Prices for Arab Extra Light rose by $1.20 per barrel, while Arab Heavy gained $0.70.
In North America, Aramco set the September OSP for Arab Light at $4.20 per barrel above the Argus Sour Crude Index. The company prices its crude across five density-based grades: Super Light (above 40), Arab Extra Light (36-40), Arab Light (32-36), Arab Medium (29-32), and Arab Heavy (below 29).
Aramco’s monthly pricing decisions influence around 9 million barrels per day of crude exports to Asia and act as a benchmark for other major producers, including Iran, Kuwait, and Iraq. The adjustments are based on feedback from refiners and an assessment of crude value changes, product prices, and yields.
The price revisions come as the OPEC+ alliance agreed earlier this week to increase collective oil production by 547,000 barrels per day in September, citing improved global economic prospects and stable market fundamentals.
