Saudi Aramco has reduced the price differential of its biggest blend, Arab Light Crude, to customers in Asia, Europe and the Mediterranean region. The price differential to Asian markets dropped by $1.30 per barrel – $2.45 per barrel more than Dubai and Oman benchmark grades, according to a report compiled by news agency Bloomberg.
Buyers in northwest Europe saw prices fall by 85 cents per barrel while prices for buyers in the Mediterranean region fell by 65 cents per barrel.
The company increased the price of Arab Light Crude to the US by 20 cents per barrel.
Saudi Aramco has cut its contract price for Liquefied Petroleum Gas for January. The price of Propane has been set at $1,010 per metric ton, which represents a reduction of $90 from December. The company also reduced the price of Butane by $205 to $1,020 per ton.
Elsewhere, Abu Dhabi National Oil Company increased the price of all its Crude blends in December. Adnoc charged $113.85 per barrel compared with a price of $112.05 per barrel in November – an increase of 1.6%. The company increased Lower Zakum crude to $113.70 a barrel, from $112.05, and Upper Zakum at $110.20, up from $109.
Oman crude’s price per barrel for February will be $107.88, an increase of $1.91, or 1.8 percent, from January’s $105.97.
