Bloomberg News

Saudi Aramco Said to Raise September Oil Prices From Sidi Kerir

August 06, 2012

Saudi Arabian Oil Co., the world’s largest crude exporter, raised its September official selling price for Arab Light blend from the Egyptian port of Sidi Kerir, two people with knowledge of the matter said.

Saudi Aramco, as the state-run producer is known, increased the differential of Arab Light by $2.35 to a premium of 60 cents a barrel to the Brent weighted average, or BWAVE, posted by the Intercontinental Exchange, said the people, who declined to be identified as the information is confidential.

Prices of all four grades from Sidi Kerir were 45 cents more expensive than those from Ras Tanura in the Persian Gulf for customers in the Mediterranean, they said.

The following table gives differentials for the four blends loading from Sidi Kerir in relation to BWAVE on a free-on-board basis, the month-on-month change and the degrees of gravity as defined by the American Petroleum Institute. Prices are in U.S. dollars a barrel.

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Sidi Kerir

Variety        API      September      August         Change
Extra Light    38.5     +2.85          -0.30          +3.15
Arab Light     32.5     +0.60          -1.75          +2.35
Arab Medium    31       -0.95          -2.95          +2.00
Arab Heavy     27       -3.15          -4.70          +1.55
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To contact the reporter on this story: Sherry Su in London at lsu23@bloomberg.net

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


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