Source: Saudi Aramco.
This being said, Saudi Aramco decided on a 20-50 cents per barrel increase with its Asia-bound May 2021 prices. Interestingly, the heavier the grade the bigger was the month-on-month hike, with both Arab Heavy and Arab Medium witnessing 50-cent upward moves, fuelling speculation that spot trading will bring about deep discounts to the OSP. After a blatantly weak February (4.56mbpd), Saudi loadings en route to Asian customers remained tame in March 2021 at 4.58mbpd. Compared to January 2021 (5.36mbpd), Saudi exports to Asia have fallen by more than 10% over the course of past two months and the aggressive Saudi pricing might insinuate that this trend is here to stay further on. In contrast to Asia, Saudi Aramco’s OSPs for its Europe-bound cargoes in May were stagnant, Arab Light was the only grade not to be rolled over month-on-month, seeing a modest 20 cent per barrel decrease to -$2.40 per barrel against ICE Bwave.
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Middle East Oil Prices Rise As Asian Demand Recovers By Viktor Katona - Dec 13, 2020, 7:00 PM CST
As the United States and Europe falter under the weight of ever-increasing coronavirus cases and a general lull in markets, the health of the Asian crude market has arguably pulled crude prices and differentials away from the adverse ramifications of second wave coronavirus. China, India, Japan, South Korea; all of them are increasing their crude intake, increasing refinery runs and riding the waves of healthy refining cracks. At the same time, the early December OPEC+ meeting has tainted the upbeat sentiment a bit – the parties’ agreeing to meet every month to realign on the correctness of the production quotas and their splits infers a certain inherent fragility of the deal looking into 2021. The previous 6-month covenant had the benefit of providing strong binding guidelines for the market, whilst monthly quarreling on the necessity of putting out eve