October 5, 2011 / 2:31 PM / 8 years ago

UPDATE 1-S.Arabia puts record premium on Asia oil price

 (Adds table, background)	
 By Reem Shamseddine	
 KHOBAR, Oct 5 (Reuters) - Saudi Arabia has raised the price
of its flagship Arab Light crude oil for customers in Asia, who
buy more than half its crude exports, to a record premium to
Oman/Dubai prices while cutting costs for U.S. and European
buyers.	
 In the third consecutive monthly price rise for its biggest
buyers, Saudi Aramco has set the Arab Light price for
Asia at Oman/Dubai plus $2.70 per barrel for November, up from
$1.65 for October 2011 and 35 cents above the previous record
premium set for November 2007.	
 Middle East crude prices were soaring in Asia ahead of the
winter heating season until a refinery fire in Singapore last
week threatened to dampen demand. Some traders had been
expecting the closure of the 500,000 barrel per day refinery,
which consumes Arab Light, to temper Saudi official selling
price (OSP) increases for next month. 	
 The world's biggest crude exporter cut the price of its Arab
Light crude to the United States by 40 cents to the Argus Sour
Crude Index (ASCI) minus $0.20 a barrel, while cutting the
Mediterranean market price by 40 cents to the Brent weighted
average (BWAVE) price minus $1.10/bbl, the source said.	
 Below is a table showing the full FOB prices for October	
in U.S. dollars. Saudi term crude supplies to Asia are priced as
a differential to the Oman/Dubai average:   	
  	
 ASIA            OCTOBER       NOVEMBER         CHANGE 	
 SUPER LIGHT     +5.35           +5.65           +0.30 	
 EXTRA LIGHT     +3.85           +4.65           +0.80 	
 LIGHT           +1.65           +2.70           +1.05 	
 MEDIUM          -0.30           +1.15           +1.45 	
 HEAVY           -2.15           -0.45           +1.70  	
  	
 Saudi term crude supplies to the United States are priced as
a differential to the Argus Sour Crude Index (ASCI).  	
  	
 UNITED STATES   OCTOBER       NOVEMBER         CHANGE 	
 EXTRA LIGHT     +2.75           +1.80           -0.95 	
 LIGHT           +0.20           -0.20           -0.40 	
 MEDIUM          -2.15           -2.15           -0.00 	
 HEAVY           -4.45           -3.75           -0.70 	
  	
 Prices at Ras Tanura destined for Northwest Europe are set 	
against Brent crude weighted average (BWAVE):   	
  	
 NW EUROPE       OCTOBER        NOVEMBER        CHANGE 	
 EXTRA LIGHT     +2.30           +1.15           -1.15 	
 LIGHT           -0.70           -1.40           -0.70 	
 MEDIUM          -2.70           -3.25           -0.55 	
 HEAVY           -5.00           -5.40           -0.40 	
  	
 Prices at Ras Tanura for Saudi oil destined for the 	
Mediterranean are set against the BWAVE:   	
 	
 MED             OCTOBER       NOVEMBER         CHANGE 	
 EXTRA LIGHT     +2.15          +1.20           -0.95	
 LIGHT           -0.70          -1.10           -0.40 	
 MEDIUM          -2.65          -2.80           -0.15 	
 HEAVY           -4.95          -4.80           +0.15	
	
 (Writing by Daniel Fineren; Editing by Anthony Barker)	
 
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