State-owned Saudi Arabian Oil Co., or Aramco, Wednesday cut most of its official selling prices for February term supply of crude oil, in line with traders' expectations.
State-owned Saudi Arabian Oil Co., or Aramco, Wednesday cut most of its
official selling prices for February term supply of crude oil, in line with
traders' expectations.
In a statement seen by Dow Jones Newswires the company cut prices of crude to
Asia and Europe, with many grades set at their lowest level since October last
year.
"We expect with Urals coming off last week [Saudi OSPs] should come off as
well," said one trader with a European company that receives regular crude
deliveries from
Saudi Arabia
.
The price of Russian benchmark Urals crude slumped last week amid concerns that
the problems facing
Europe
's largest independent
refiner, Petroplus, would dent demand.
However, analysts said that in the coming months it was unlikely that the price
of Saudi crude would slip further, given that the Kingdom is widely expected to
seek to cut its production in order to accommodate the return of crude supplies
from
Libya
.
"One way to get production cuts going will be to price high," said
Torbjorn Kjus, oil market analyst at DnB NOR. "In the past, it's generally
been seen that when they increase the price it's a good informal way of
adjusting production levels," he added.
Still, for February, only prices of light crudes travelling to the
U.S.
,
which were already comparatively cheap, were set above the levels seen in
January.
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