Saudi Arabia’s pledge of reducing its crude output by 1 million bpd in July, has so far been nothing short of a fiasco.
- Jun 26, 2023, 11:00 AM CDT
Chart 2. Formula prices of cargoes bound for Northwest Europe by selected grades .Source: Saudi Aramco. Official selling prices for the crown jewel of the United Arab Emirates, its light sweet benchmark Murban, are set by IFAD Murban exchange, leaving the Emirati national oil company ADNOC with little leverage to manually adjust July OSPs. Theselling price was set at $75.59 per barrel, down $8.52 per barrel compared to June. What’s worse, the spread between the higher-value light sweet Murban and Dubai, historically the Middle Eastern medium sour benchmark, shrank to its lowest in two years at $0.
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