Corrects to February prices
Saudi Arabia's state-controlled Saudi Aramco has raised its official formula prices for February crude exports to customers in Asia-Pacific while cutting prices for Europe-bound cargoes.
It follows Riyadh's surprise announcement yesterday that it plans to make 1mn b/d of voluntary crude output cuts over February and March in addition to its existing commitments under the Opec+ production restraint agreement.
Prices for February-loading Saudi crude exports to Asia-Pacific have been increased by 20¢-70¢/bl compared with January. February prices for US-bound exports have been raised by 20¢/bl. Meanwhile, customers in northwest Europe and the Mediterranean — on both fob Ras Tanura and fob Sidi Kerir sale terms — will see 50¢-70¢/bl reductions from this month.
| Saudi Aramco's official formula prices $/bl | |||
| February | January | ± | |
| United States (vs ASCI) | |||
| Extra Light | 1.10 | 0.90 | 0.20 |
| Arab Light | 0.75 | 0.55 | 0.20 |
| Arab Medium | 0.05 | -0.15 | 0.20 |
| Arab Heavy | -0.30 | -0.50 | 0.20 |
| Northwest Europe (vs marker crude Ice Brent) | |||
| Extra Light | -1.80 | -1.30 | -0.50 |
| Arab Light | -1.90 | -1.40 | -0.50 |
| Arab Medium | -2.30 | -1.80 | -0.50 |
| Arab Heavy | -2.70 | -2.20 | -0.50 |
| Asia-Pacific (vs Oman/Dubai) | |||
| Super Light | 1.85 | 1.25 | 0.60 |
| Extra Light | 0.60 | 0.10 | 0.50 |
| Arab Light | 1.00 | 0.30 | 0.70 |
| Arab Medium | 0.75 | 0.35 | 0.40 |
| Arab Heavy | 0.30 | 0.10 | 0.20 |
| Mediterranean fob Ras Tanura (vs marker crude Ice Brent) | |||
| Extra Light | -1.40 | -0.90 | -0.50 |
| Arab Light | -1.50 | -1.00 | -0.50 |
| Arab Medium | -2.10 | -1.60 | -0.50 |
| Arab Heavy | -2.60 | -2.10 | -0.50 |
| Mediterranean fob Sidi Kerir (vs marker crude Ice Brent) | |||
| Extra Light | -0.90 | -0.20 | -0.70 |
| Arab Light | -1.00 | -0.30 | -0.70 |
| Arab Medium | -1.60 | -0.90 | -0.70 |
| Arab Heavy | -2.10 | -1.40 | -0.70 |
| Source: Saudi Aramco | |||
