Saudi Arabia has raised the price of its flagship Arab Light crude oil by 90 cents for customers in Asia, who buy more than half its crude exports, and cut prices for US buyers, Saudi Aramco said Monday. Saudi Aramco has set the Arab Light price for Asian buyers at Oman/Dubai plus $1.65 per barrel for October, up from $0.75 for September and $1.35 for August. While increasing the price of all crudes for Asian and European buyers, the world's biggest crude exporter cut them all for the US market, with Arab Light for the United States trimmed by 30 cents to Argus Sour Crude Index (ASCI) plus $0.20 a barrel. Saudi raised the price for the same flagship crude in the Mediterranean by $2.15 to the Brent weighted average (BWAVE) price minus $0.70/bbl and increased the price for northwest Europe by $1.35 to BWAVE minus $0.70 a barrel. The eventual resumption of Libyan light crude output after months of civil war could weigh on values of Saudi Arab Extra Light and Super Light crudes, traders say. With exports from the North African supplier to Europe still frozen, Saudi has upped the price of its Extra Light crude in NW Europe for October by $2.25/bbl to BWAVE plus $2.30/bbl, while raising the price for Extra Light in the Med by $2.15 from flat to Brent for September to BWAVE plus $2.15/bbl for next month. The price of Extra Light for the US market was trimmed by 25 cents to ASCI plus $2.75, while Super Light for Asian buyers rose by 70 cents to Oman/Dubai plus $5.35. Saudi crude OSPs usually set the trend for Iranian, Kuwaiti and Iraqi prices, affecting around 8 million barrels per day (bpd) of crude bound for Asia. Earlier Monday, the United Arab Emirates cut the August retroactive selling price of its benchmark Murban crude by $4.90 a barrel to $109.05.
