BREAKING NEWS

Saudi Arabia raises official January crude oil price

DECEMBER 6, 2020 12:20

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, a company document showed.

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, according to the document.

Aramco also set its OSP for Arab light crude oil to Northwestern Europe to minus $1.40 a barrel to ICE Brent.

Meanwhile, Iraq's oil minister praised the latest OPEC deal, saying 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.

He further stated that Iraq expects a deal with the Kurdistan region to hand over oil revenues, but no final agreement has yet been struck, Reuters reported.

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