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Saudi Arabia has raised its October price for its Arab Light grade for Asian customers by $0.55 (Dh2.02) a barrel versus September to a premium of $0.30 per barrel to the Oman/Dubai average, its state oil company said on Monday.
The price rise reflect a stronger market for Middle East crude benchmark Dubai and refining margins which hit a near two-year high on Sept. 1 after Hurricane Harvey disrupted fuel supplies in the United States.
The October price for Arab Light is the highest since December and exceeds expectations for a 20-50 cent hike in a Reuters survey conducted last week.
Saudi Aramco dropped its Arab Light OSP to Northwest Europe by 10 cents for October to a discount of $2.15 per barrel to ICE Brent.
The Arab Light OSP to the United States was set at a premium of $1.30 a barrel to the Argus Sour Crude Index (ASCI) for October, up 10 cents a barrel from September. Saudi term crude supplies to the United States are priced as a differential to the Argus Sour Crude Index (ASCI).
Oil slipped as US explorers resumed their drilling binge, raising concerns over whether output cuts by Opec and its allies will be enough to clear a glut despite a pledge from Russia that it’s commit
Oil held above $61 (Dh223.87) a barrel, paring the weekly loss, as investors weighed surging US crude production against a warning from the International Energy Agency of an impending shortfall in gl
Oman’s crude oil and condensate production for February 2018 reached 27,075,580 barrels, with a daily average of 966,985 barrels, according to the monthly report issued by the Ministry of Oil and Gas
Times of Oman
Oil rose slightly higher on Wednesday after strong Chinese factory activity, though concern over the pace of growth in US output, as well as other producing nations, meant there were limited gains.
Saudi Arabia plans to keep its crude oil production in April below 10 million barrels per day (bpd), and maintain exports under 7 million bpd, the energy ministry said on Wednesday, as the top Opec p