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FINWIRES

Saudi Arabia Holds Most OSPs Steady Ahead of OPEC+ Meeting

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Saudi Aramco kept its October official selling price for majority of the crude grades to Europe, Asia and Mediterranean unchanged, the company said in a statement emailed toon Thursday.

According to company document, Arab Light remained flat at a $2 discount against Dubai/Oman Average, OSPs for Arab Medium and Arab Heavy to Asia were each raised by $1 a barrel, while light crude pricing for Northwest Europe and Mediterranean region were left unchanged.

North American OSP was increased by $1 to a $4.60 premium over the Argus Sour Crude Index.

The steady pricing strategy comes as Saudi Arabia and core members of OPEC+ prepare to convene on Sunday to decide on production policy, with markets widely expecting output quotas to remain unchanged.

The decision surprised some industry watchers who anticipated a price hike. ING analysts noted that "The expectation had been for an increase, suggesting the market is not as tight as thought."

Meanwhile, benchmark Brent crude futures climbed to its highest since July 24 on Thursday, driven by renewed US strikes and Israeli warnings against Tehran that revived concerns over Middle Eastern supply disruptions.

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