KSA Cuts February Arab Light Price to Asia

Saudi Arabia lowered the official selling price of February Arab Light crude to Asia for the third consecutive month, Saudi Aramco said in a statement on Monday. The February OSP for Arab Light crude was set at US$0.30 a barrel above the Oman/Dubai average, down from US$0.60 a barrel in January.

Meanwhile, OPEC+ kept oil output unchanged on Sunday after a quick meeting that avoided discussion of the political crises affecting several of the producer group's members. Over the weekend, the United States attacked OPEC member Venezuela and captured its president, Nicolas Maduro.

U.S. President Donald Trump had imposed a blockade of all sanctioned oil tankers ahead of Maduro's capture and on Sunday said an oil embargo remained in full force.

Aramco's Mediterranean OSP for Arab Light was set at a US$0.55 discount to ICE Brent, widening from a US$0.15 discount the prior month. The company's Arab Light OSP for Northwest Europe fell 40 cents, to a discount of US$0.35 versus ICE Brent, and its price for North American customers fell 30 cents, to a US$2.20 premium to ASCI.

The February OSP for heavy oil to Asia also declined by US$0.30 a barrel to a US$2.20 discount to the Oman/Dubai average. The heavy oil OSPs for North American, Northwest European and Mediterranean customers all declined by 40 cents.