Saudi Aramco will sell crude cheaper to US
Bloomberg
Published: February 07, 2008, 00:15
Riyadh: Saudi Aramco, the world's largest state oil company, will cut official selling prices for crude shipments to the US in March as refiners lower operating rates. The producer raised prices to Europe.
The discount of Arab Light, the most common variety exported by Saudi Arabia, to Aramco's benchmark price was widened to minus $5.40 a barrel from $4.15 a barrel in February, the company said.
Discounts for Extra Light, Arab Medium and Arab Heavy were also increased. Aramco raised prices of all grades it exports to European refiners.
For US customers, prices for all grades were cut by between 60 cents and $1.50 a barrel. Arab Extra Light's discount widened to minus $2.60 a barrel from minus $1.10 a barrel, Arab Medium to minus $8.35 from $7.45 and Arab Heavy grade to minus $11.35 from minus $10.75, Aramco said.
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Refiners in Europe and the Mediterranean would pay more for crude oil shipments in March.
For its Northwest European customers, Aramco narrowed Arab Light's discount to the benchmark by 80 cents to minus $1.75, Arab Medium was narrowed to minus $4.20 and Arab Heavy increased to minus $6.35, while Extra Light was raised by 80 cents to a premium of $2.
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