Riyadh: Saudi Arabia has raised its October price for its Arab Light grade for Asian customers by $0.55 (Dh2.02) a barrel versus September to a premium of $0.30 per barrel to the Oman/Dubai average, its state oil company said on Monday.
The price rise reflect a stronger market for Middle East crude benchmark Dubai and refining margins which hit a near two-year high on Sept. 1 after Hurricane Harvey disrupted fuel supplies in the United States.
The October price for Arab Light is the highest since December and exceeds expectations for a 20-50 cent hike in a Reuters survey conducted last week.
Saudi Aramco dropped its Arab Light OSP to Northwest Europe by 10 cents for October to a discount of $2.15 per barrel to ICE Brent.
The Arab Light OSP to the United States was set at a premium of $1.30 a barrel to the Argus Sour Crude Index (ASCI) for October, up 10 cents a barrel from September.
Saudi term crude supplies to the United States are priced as a differential to the Argus Sour Crude Index (ASCI).