09 September 2025: 09:30 BST
Aramco set the Arab Light OSP to Asia for October at a premium of $2.20/bbl over the average of Dubai and Oman, exactly the same level as the August OSP. This is a reduction of $1.00/bbl versus September. September OSPs were a problem as nominations from China plunged from 51 mil bbl in August to 43 mil bbl. Hopefully, the sharp reduction in OSPs will resurrect nominations from China and other buyers. Aramco has been noting their crude balances are increasing and they need more sales. Markets always balance through policy or price. In this case China has come to the rescue with a policy to store up barrels for their SPRs. ‘We are buying,’ said a Chinese source, while others noted potential sales of as much as 500 kb/d!
In ‘The Officials’, Onyx Capital Advisory publishes outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.
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