Top tags for today
Search results for "#opec"

Saudi Arabia continues to increase dumping on the oil markets of Europe and Asia, squeezing out Russian suppliers.

In addition to record discounts reaching $ 10–11 at the Brent price, the KSA-owned oil company offers customers unprecedented delays of payments.

According to Reuters, citing industry sources, Asian and European refineries received an offer from the Saudis for 90 days to delay payment of supplies.

Payment delays will be processed through Saudi banks. Saudi Aramco “asks us to amend the existing agreement by including a bill of exchange, which in principle will give you the opportunity to pay through the bank within 90 days,” a representative of an Asian oil refining company told Reuters.

Despite the OPEC + deal on a record-breaking reduction in oil production and the almost unconditional surrender of Russia, which agreed to remove twice as much oil from the market as Saudi Arabia, Riyadh is in no hurry to end the “price war”.

On Monday, Saudi Aramco published a price list for shipping prices for May, while maintaining discounts on deliveries to North-Western Europe and increasing them for the Mediterranean and Asia.

In the key market for the Saudis, the Arab Super Light brand will fall in price by 5.5 dollars and for the first time in history will be sold at a discount of 3.65 dollars to the price of the Oman / Dubai benchmark.

Arab Extra Light will drop in price by $ 4.3, Arab Light by $ 4.2, and Arab Medium and Arab Heavy will become cheaper by $ 3.35 and $ 2.95, respectively.

Prices for South European countries will drop sharply. The Arab Extra Light discount will almost double - from 5.8 to 10.3 dollars against the Brent price.

To remind you, this is not about futures prices, which hold about $ 30, but spot prices, which the Dated Brent marker fixes. Last week, its average price was $ 22.88. Thus, ultralight Saudi oil will be able to flow into the Mediterranean at $ 10.58 per barrel.

Discounts on Arab Light will increase from 8.6 to 10.3 dollars per barrel (which also gives a price of 10.58 dollars per barrel), for heavy grades - up to 11.4 dollars.

For North Europe, a discount of $ 10.25 over Dated Brent for supplies of Arab Light varieties will remain in force, which gives an actual price of $ 10.63. The price of ultra-light Arab Extra Light oil will drop by 80 cents - to minus $ 8.9 against Brent.

The only market where Saudi Aramco agreed to end the price war was the American one. For the United States, Saudi oil will rise in price across the entire range - by 2.5-4.2 dollars per barrel.

Copy link
You have reposted this topic!
You have canceled this repost!