Forwarded fromBigBreakingWire Global Updates
Refinitiv reports Middle East spot crude prices are up due to tighter supply and strong demand. Saudi Arabia is likely to raise October official selling prices (OSP) for Asia by $2–6/bbl. Five refinery sources say Arab Light will likely be set at parity with the Oman/Dubai average or up to $4/bbl over it, putting October OSPs $2–6/bbl higher than September. September prices were the weakest in six years. Spot strength is evident as the Dubai premium to swaps hit $13.58/bbl on Aug. 21, the highest since late May. The month-to-date average premium is $9.71/bbl, compared to $1.26 in July. Oman differentials have also widened.
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