Page 16 - MEOG Week 28

MEOG
neWs In brIeF
MEOG
added.
“Downstream is a very crucial part of
Aramco’s business as it will enable it to transform to a vertically integrated player with higher pro t margins.”
e company also has plans to consolidate its downstream business under a separate, wholly-owned unit before December 31, 2024. the natIonal
o I l
SouthKoreaimportsnoIran crude oil for June
South Korea imports no Iran crude oil
for June and a year ago, preliminary data from Korea Customs Service showed on Wednesday. e world’s h-largest crude buyer imported a total 10 million tonnes of crude last month against 11.5 million tonnes imported a year ago, the data also showed.
Final data for South Korea’s crude oil imports last month will be published by state- run Korea National Oil Corp (KNOC) later the month. e KNOC data is considered
the industry standard for South Korea’s oil imports.
reuters
SOMO cuts prices for
European buyers for first
time since April
Iraq’s State Oil Marketing Organization said July 14 that it would cut its o cial selling for european customers and raise them for those in the US.
For europe, SOMO’s price cuts come a er three successive month of price rises as Iraq wasparedbackthesudden,sharppricecuts that it had made in response to the demand destruction caused by COVID-19.
For cargoes loading in August and destined for europe, the Basrah Light OSP was cut
by 50 cents/b to Dated Brent plus $1.60/b, while the price of Basrah Heavy was cut by 55 cents/b to Dated Brent minus 85 cents/b.
e price for Kirkuk Blend heading into the region was set at Dated plus $2.15/b, down 50 cents/b from July.
For the United States, prices for Basrah Light and Basrah Heavy were raised by 10 cents/b and 40 cents/b, respectively.
at leaves the lighter grade at a premium of 95 cents/b to the Argus Sour Crude Index and the heavier grade at a discount of 25 cents/b to that benchmark. e price of Kirkuk was le unchanged for the US.
Platts reported earlier that Asian buyers of Basrah Light and Basrah Heavy will be paying
85 cents/b and 75 cents/b more respectively, which took the heavier grade to its highest premium since April 2015, when SOMO started pricing the grade.
O en, Middle eastern producers follow Saudi Arabia lead with their o cial selling prices. OPeC’s largest producer last week raised prices for lighter grades while cutting them for heavier grades across all regions. s&P Platts
Iraq raises Aug Basra Light crudeOSPtoAsia
Iraq has raised the August o cial selling
price (OSP) for Basra Light crude to Asia by $0.85 to plus $2.10 a barrel against the average of Oman/Dubai quotes from the previous month, the State Oil Marketing Organization (SOMO) said on Tuesday.
e August Basra Light OSP to the North and South American markets was set at the Argus Sour Crude Index (ASCI) plus $0.95 a barrel, up from the previous month and the price of Kirkuk to the U.S. remained unchanged at ASCI plus $1.60 a barrel.
For europe, the August OSP for Basra Light fell by $0.50 to dated Brent plus $1.60 a barrel and the August Kirkuk OSP fell to plus $2.15.
reuters
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Week 28 15•July•2020