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Saudi Aramco Cuts September Crude OSP for All Regions

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Saudi Aramco lowered September crude premiums, led by a $3 decline for North West Europe and Mediterranean buyers, the company said in a statement emailed toon Thursday.

The company reduced the September official selling price for Arab Light crude to Asian buyers by $0.50 to $2/bbl below the Oman/Dubai average.

This compares with a discount of $1.50 per barrel below the Oman/Dubai average in August and a premium of $9.50 for July.

For Northwest Europe, the September OSP was set at a discount of $2.15 a barrel below ICE Brent.

The OSP for the Mediterranean region was at a discount of $2.35/bbl below the ICE Brent benchmark for September.

North American OSP was decreased by $1 to a $3.60 premium over the Argus Sour Crude Index.

Brent edged up on Thursday as investors balanced ongoing diplomatic negotiations between Iran and Oman over the Strait of Hormuz against renewed supply anxiety from Houthi attacks on Saudi oil tankers.

Brent crude futures ticked up 0.2% to $79.65 per barrel.

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