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Saudi Slashes January Oil Prices For Asia, U.S by elampiro(m): 12:17am On Dec 05, 2014 |
Thu, Dec 4, 2014, 6:13pm LONDON (Reuters) - Saudi Arabia slashed its oil prices for Asian and U.S. buyers on Thursday, in a move some analysts said shows it is stepping up its battle for market share a week after refusing to support OPEC output cuts. Official Selling Prices (OSPs) for oil from the largest producer and exporter in the Organization of the Petroleum Exporting Countries have been seen as possible indications of the kingdom's oil policies. Some analysts have said sharp drops in OSPs in recent months show the kingdom is fighting for market share with other producers, but others have said the OSPs only reflect the market and are a backward-looking rather than a forward-looking indicator. The discounts on Saudi crude oil for Asian customers in January were the biggest since at least 2002, according to Reuters data, while prices were cut to the United States for the fifth month in a row. "(The) Saudis are making it clear they don't want to lose market share," Richard Mallinson, an analyst at consultancy Energy Aspects, told the Reuters Global Oil Forum. Saudi Arabia and other rich Gulf producers last week blocked proposals from poorer OPEC members, such as Venezuela and Algeria, to cut output to support oil prices, which have plummeted by over a third since June. OPEC sources have said Saudi Oil Minister Ali al-Naimi told the OPEC ministerial meeting behind closed doors that OPEC should defend its market share, because production cuts would only boost rival producers, including U.S. shale oil companies. According to the sources, Naimi did not give any indication how far prices would need to fall for Saudi Arabia to consider cutting production. Oil prices have been volatile since the OPEC meeting and are down around 40 percent since June. On Thursday, Brent crude fell, trading below $70 per barrel. [O/R] Aramco cut the January price for its Arab Light grade for Asian customers by $1.90 a barrel from December to a discount of $2 a barrel to the Oman/Dubai average. The Arab Light OSP to the United States was set at a premium of $0.90 a barrel to the Argus Sour Crude Index (ASCI) for January, down 70 cents from the previous month. Arab Light OSPs to Northwest Europe were raised by 20 cents for January from the previous month to a discount of $3.15 a barrel to the Brent Weighted Average (BWAVE). The tables below show the full FOB prices for January in U.S. dollars. Saudi term crude supplies to the United States are priced as a differential to the Argus Sour Crude Index (ASCI). United States JANUARY DECEMBER CHANGE EXTRA LIGHT +2.50 +3.40 -0.90 LIGHT +0.90 +1.60 -0.70 MEDIUM -1.05 -0.65 -0.40 HEAVY -2.30 -2.20 -0.10 Prices at Ras Tanura destined for Northwest Europe are set against Brent crude weighted average (BWAVE): NW EUROPE JANUARY DECEMBER CHANGE EXTRA LIGHT -1.45 -1.65 +0.20 LIGHT -3.15 -3.35 +0.20 MEDIUM -4.70 -5.00 +0.30 HEAVY -7.45 -7.95 +0.50 Saudi term crude supplies to Asia are priced as a differential to the Oman/Dubai average: ASIA JANUARY DECEMBER CHANGE SUPER LIGHT +0.20 +1.70 -1.50 EXTRA LIGHT -0.85 +1.00 -1.85 LIGHT -2.00 -0.10 -1.90 MEDIUM -3.45 -1.60 -1.85 HEAVY -5.85 -4.05 -1.00 Prices at Ras Tanura for Saudi oil destined for the Mediterranean are set against the BWAVE: MEDITERRANEAN JANUARY DECEMBER CHANGE EXTRA LIGHT -1.00 -1.35 +0.35 LIGHT -2.50 -2.70 +0.20 MEDIUM -4.00 -4.30 +0.30 HEAVY -6.25 -6.55 +0.30 http://finance.yahoo.com/news/saudis-steeply-cuts-oil-prices-141135044.html |
Re: Saudi Slashes January Oil Prices For Asia, U.S by vizboy(m): 12:18am On Dec 05, 2014 |
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Re: Saudi Slashes January Oil Prices For Asia, U.S by podosci(m): 12:27am On Dec 05, 2014 |
elampiro:Really bad news for us......... time for us to wake up and diversify our economy and move gradually away from oil like kuwait |
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