SINGAPORE: Top oil exporter Saudi Arabia will hike December crude prices for customers in Asia to levels last seen in 2013 or 2014, a Reuters survey showed, with OPEC-led output cuts and robust demand re-balancing markets for the commodity.
The producer is expected to raise flagship Arab Light´s December official selling price to at least 90 cents a barrel above Oman/Dubai quotes, the survey of five refiners showed. That would be the highest premium since $1.65 in September 2014, according to Reuters data.
Prices for heavier grades may see a bigger boost in December, the survey showed, with Arab Heavy´s OSP set to rise to at least $1.30 below Oman-Dubai quotes. That would be the narrowest discount for Saudi heavy crude since minus $1.05 in December 2013, according to Reuters data.
The increases would come on the back of stronger Middle East crude benchmark prices and firm refining margins, the respondents said. Dubai´s backwardation widened in October compared with the previous month.
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