Top oil exporter Saudi Arabia has raised the price differential of its flagship crude to Asia by more than double in December versus November, exceeding market expectations and sending a bullish signal to the global oil market, traders said.
Brent and U.S. West Texas Intermediate crude futures gained more than $1 on Monday following Saudi's announcement. Brent has risen about 60% from the start of the year as global oil demand recovers from the pandemic."It just tells you that Saudi is very bullish and they also think that the market is very tight and that's why they dare to hike prices so much," a Singapore-based trader said.
The OSPs for lighter grades - Arab Super Light and Arab Extra Light, which yield more of those two products - rose by more than $2 a barrel in December.Saudi Aramco also hiked OSPs for heavier grades by more than $1 a barrel despite weaker fuel oil margins. These prices will set the trend for other medium and heavy grades from Kuwait, Iraq and Iran.
Saudi oil production will exceed 10 million bpd in December, for the first time since the coronavirus pandemic, Saudi-owned Al Arabiya TV said on Thursday.
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