Will Cunliffe
Research Analyst, The Officials
Saudi Summer Sale!
Saudi OSPs have been set at all time lows and yet ADNOC crude is still cheaper! The UK's energy degradation continues, gasoline cracks are s
Saudi OSPs have been dramatically slashed and yet ADNOC crude is still cheaper! The UK's energy degradation continues, gasoline cracks are spiking and ships may be returning to the Suez Canal.
Mega discounts! The Saudis slashed OSPs for August loading cargoes for term lifters around the world. European buyers got the biggest cut of $15, while Asia was slashed by $11 and the Americas had to content themselves with an $8 cut. Most sources were shocked it was such a dramatic cut. For Asia, that puts the Arab Light OSP at the average of Dubai and Oman -$1.50, the lowest we have seen since we began tracking them in July 2024 – and some say it is the lowest since 2000! Although the Saudis are asking for less than the benchmark – as Dubai itself falls into contango – several Asian buyers remain hesitant, noting that ADNOC crude is still cheaper than Saudi grades.
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