Saudi Aramco postpones the announcement of crude oil prices

Reuters quoted today, Tuesday, sources confirming the postponement of the Saudi oil company, Aramco, the announcement of official selling prices for crude oil, for the month of September, until early next week.

Aramco usually issues official selling prices by the 5th of each month, as those prices determine the general direction of the value of the sale of Iranian, Kuwaiti, and Iraqi raw materials, and affect more than 12 million barrels per day of oil destined for Asia.

Asian crude oil traders are awaiting the announcement of official selling prices for Aramco crude – the largest producer and independent exporter of crude oil in the world – for the month of September, expecting some decline according to the market situation that requires a kind of reduction, to enhance the recovery in the oil market, and the stability of demand growth.

Traders say: The oil producers in the Middle East, Saudi Aramco and ADNOC of the United Arab Emirates will likely reduce official selling prices in September after three months of successive rises, amid falling market fundamentals and weak crude oil in recent days.

Earlier in July, Aramco raised its official selling prices for August, for its crude oil supplies to Asia, by one dollar per barrel for all grades.

Meanwhile, ADNOC raised its official selling price for August, from its Morban and Zakum oil, by 75 cents a barrel and 95 cents a barrel, respectively, from July.

SOURCE: attaqa.net