Saudi Arabian state oil giant Aramco has raised the January price for its Arab Light crude to Asia to $0.30 a barrel over Oman/Dubai crude, up $0.80 from December.
It has also set the January OSP of its Arab Light crude oil to the United States at plus $0.55 a barrel over ASCI (Argus Sour Crude Index), down $0.30 a barrel from December, Reuters reported.
Aramco also set its OSP for Arab light crude oil to Northwestern Europe to minus $1.40 a barrel to ICE Brent.
Meanwhile, Oil prices rose on Friday, hitting its highest since early March with Brent crude oil futures rising to just a shy of $50 per barrel as OPEC+ agreed to ease oil-output cuts next year after almost a week of negotiations.
Although the group failed to reach a compromise on a broader policy for the rest of 2021, agreed to increase output slightly from January by 500,000 barrels per day with ministers holding monthly consultations to decide on the next steps.
The OPEC+ deal was praised by Iraq’s oil minister, who said it would help to boost oil prices over $50 a barrel. He stated that his country’s 2021 budget will be based on a price of $42.
Iraq is to start selling three grades of crude in January, and expects oil exports to average around 2.8 million BPD in December.
By: Ifunanya Ikueze