Saudi Aramco sets Arab Crude OSP for July

Saudi Aramco set the official selling price (OSP) for its Arab Light crude for July delivery to North America at $3.5 per barrel above the Argus Sour Crude Index (ASCI).

For Western Europe, the Arab Light price was set at $3.25 per barrel above ICE Brent, according to a statement to Argaam.

The Arab Light crude grade was priced $3.05 above the ICE Brent for Europe and the Mediterranean. In addition, the price for East Asia was set at $1.20 more than the average of the Oman and Dubai benchmarks, as shown below:

Aramco produces five density-based grades of crude oil: Super Light (greater than 40 degrees), Arab Extra Light (36-40), Arab Light (32-36), Arab Medium (29-32), and Arab Heavy (below 29), according to Argaam’s data.