News // Oil and gas worldwide
Saudi Aramco changes Asia crude price formula
06 July 2018 , 14:07Neftegaz.RU585
Riyadh, July 6 - Neftegaz.RU. Saudi Aramco announced that it is adjusting its Asia crude oil pricing marker in an effort to increase the overall reliability of its crude oil pricing.
Saudi Aramco’s long-standing price marker was the average of Platts Dubai and Platts Oman assessments. The company’s new Asia marker will replace Platts Oman with Dubai Mercantile Exchange (DME) Oman effective October 1, 2018, creating a hybrid between 2 major Asia benchmarks.
Ahmed Subaey, Saudi Aramco’s vice president of Marketing, Sales and Supply Planning said, «We’re rebalancing our Asia marker to ensure that it is underpinned by a broad and vibrant marketplace. The inclusion of the DME Oman price complements the existing Platts Dubai price to provide our customers with better visibility into price dynamics. Our main objective is to ensure that our marker is market-reflective, well-regulated, and predictable, and we are confident that the DME Oman price, combined with the Platts Dubai price will serve that purpose.»
Gulf oil exporters including Saudi Arabia and the UAE want to boost oil exports to Asia as they increasingly compete with US exports to the region.
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