Bloomberg News

Yemen Cuts March Masila Crude Premium to $2.15 Over Brent

January 08, 2012

(Updates with buyers, amount in second paragraph.)

Jan. 8 (Bloomberg) -- Yemen cut the premium for March shipments of Masila Blend oil by 27 percent from a month earlier, to $2.15 a barrel above the European benchmark Dated Brent crude, the state oil committee said.

The Middle Eastern state will sell 2.5 million barrels of Masila Blend to trader Arcadia Petroleum Ltd. at that price, according to an e-mailed statement today from the state oil committee. Yemen will issue a tender to sell the remaining 600,000 barrels of the grade available for purchase in March.

The March premium for Masila crude is lower than the price of $2.93 a barrel Yemen charged above the Dated Brent price for February cargoes. Yemen kept the premium for Marib Light grade crude at parity with Dated Brent, according to the statement.

--Editor: John Deane

To contact the reporter on this story: Anthony DiPaola in Dubai at adipaola@bloomberg.net.

To contact the editor responsible for this story: Stephen Voss on sev@bloomberg.net.


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