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    Home > Chemicals Industry > Petrochemical News > Saudi Arabia expected to raise the August survey of crude oil prices sold to Asia

    Saudi Arabia expected to raise the August survey of crude oil prices sold to Asia

    • Last Update: 2021-07-20
    • Source: Internet
    • Author: User
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    Foreign News reported on June 30 that a survey released on Wednesday showed that Saudi Arabia is expected to increase the official price of crude oil sold in Asia in August to follow the strengthening of crude oil prices.
    This is the second consecutive month of increase
    .


    On average, four people familiar with the knowledge of Asian refineries predict that the official price of Arabian light crude oil sold in Asia in August will increase by 65 cents, and the estimated range will be increased by 50-70 cents
    .


    The price adjustment is expected to be due to the strengthening of the Middle East crude oil benchmark spot Dubai (Cash Dubai) and DME Oman crude oil prices.
    In June, its premium to Dubai crude oil paper cargo rose by about 70 cents from the previous month
    .


    In June, Asian gasoline refining profits averaged US$5.
    40 per barrel, a 12% decline from US$6.
    16 last month, while the price of naphtha cracking increased slightly
    .


    Jet kerosene cracking prices in Asia in June were US$5.
    88 per barrel, down 2% from US$6 in May, while diesel cracking prices averaged US$8.
    33 per barrel, up 2.
    5% from the May average
    .


      With the gradual reduction of inventories alleviating oversupply concerns, in June, the cracking price of ultra-low sulfur fuel oil (VLSFO) in Asia in recent months was 11.
    90 US dollars higher than Dubai crude oil per barrel on average, which was an increase of 70 cents from the May average
    .


      The market's attention is now turning to the OPEC meeting on July 1
    .
    Sources and market observers said that they expect the organization to discuss further gradual relaxation of existing production restrictions starting in August.


      Saudi Arabia usually announces the official price of crude oil around the fifth trading day of each month and finalizes Iran and Kuwait.
    And Iraq’s price trends, which affect more than 12 million barrels of crude oil sold to Asia every day
    .


      The national oil giant Saudi Aramco sets crude oil prices based on customer recommendations and calculates the changes in the value of crude oil in the past month based on output and product prices
    .

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