Markets

Saudi Arabia set the Official Selling Price (OSP) for its heavy grade for buyers in the Far East at $3.55/bbl above the Middle-Eastern benchmark—up from the $1.40/bbl premium that had been in place for March—and then raised the differential further to an all-time high of $7.95/bbl for May (in data going back to 1970).

Saudi Arabia set the Official Selling Price (OSP) for its heavy grade for buyers in the Far East at 70¢/bbl above the Middle-Eastern benchmark—down from the $1.80/bbl differential that had been in place for Jan.

Saudi Arabia set the Official Selling Price (OSP) for its heavy grade for buyers in the Far East at $1.80/bbl above the Middle-Eastern benchmark—up from the $1.00/bbl differential that had been in place for Dec. Iran increased the OSP differential on its Iranian Heavy for Far Eastern buyers by 70¢/bbl to a $2.15/bbl premium.

Saudi Arabia set the Official Selling Price (OSP) for its heavy grade for buyers in the Far East at $1.40/bbl above the Middle-Eastern benchmark—up from the $1.20/bbl premium that had been in place for Aug.

Saudi Arabia set the Official Selling Price (OSP) for its heavy grade for buyers in the Far East at $1.20¢/bbl above the Middle-Eastern benchmark—up sharply from the 40¢/bbl premium that had been in place for July.

Saudi Arabia set the Official Selling Price (OSP) for its heavy grade for buyers in the Far East at 40¢/bbl above the Middle-Eastern benchmark—down from the 50¢/bbl premium that had been in place for June.

The cracking margin on Bakken in the Midcontinent posted the sharpest increase from Dec. to Jan. among the grades and blends covered in the charts below, having gained $2.31/bbl, but the coking margin on a 70/30 blend of Bakken and WCS retained the top spot at $10.30/bbl.

Saudi Arabia increased the Official Selling Price (OSP) for its heavy grade by 20¢/bbl for buyers in the Far East to 30¢/bbl above the Middle-Eastern benchmark on Jan. 6.

Saudi Arabia left the Official Selling Price (OSPs) for its heavy grade unchanged for buyers in the Far East at 30¢/bbl below the Middle-Eastern benchmark, while Iraq raised its differential by 10¢/bbl to a 95¢/bbl discount, and Iran lowered its differential by 5¢/bbl to a 55¢/bbl discount.

As producing nations try to walk the tightrope of meeting (and profiting from) recovering oil demand but not pushing prices high enough to encourage more output from non-OPEC+ countries, announcements regarding Sept.