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FinancialNews
08-01-23
Saudi Arabia reduces next month Arab Light crude rates to Asia
(MENAFN) Saudi Arabia decreased the February official trading rates for the flagship Arab light crude it distributes to Asia to over USD1.80 per barrel in comparison with the Oman/Dubai average, the nation’s state oil producer Aramco stated on Thursday.
The price is USD1.45 per barrel lower than the January OSP. The leading oil exporter prepared its Arab Light OSP to northwest Europe at USD1.50 per barrel lower than ICE Brent for February, minus USD1.40 per barrel in comparison with its rate for January.
The rate reduction comes as Russia diverts its oil from Europe to Asia, following the EU restricted seaborne crude oil shipments from the 5th of December, alongside a rate reduction introduced by the G7 countries that limits Russian oil exchange utilizing Western economic, shipping as well as insurance services.
Oil stabilized on Thursday in volatile exchange following recording the largest two-day decrease for the beginning of a year in 30 years with the shutdown of a US fuel pipeline offering backing and financial worries capping gains.
MENAFN08012023000045014228ID1105397326
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