Saudi Arabia may cut September crude oil prices to Asia – survey – ZAWYA

Saudi Arabia may cut September crude oil prices to Asia – survey – ZAWYA

Saudi Arabia may cut September crude oil prices to Asia - survey Five sources from Asian refineries on average expect the September OSP for flagship Arab Light crude to fall by 61 cents a barrel    An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Image used for illustrative purpose. SINGAPORE - Top oil exporter Saudi Arabia may cut its September official selling price (OSP) for crude sold in Asia, tracking falling Middle East benchmarks and weak refining margins, according to industry sources.Five sources from Asian refineries on average expect the September OSP for flagship Arab Light crude to fall by 61 cents a barrel, though forecasts range from a cut of $1 to 20-30 cents, a Reuters survey showed.Slow demand recovery amid the second wave of COVID-19 infections has depressed spot prices for Middle Eastern crude this month, while Asia's refining margins remained weak, they said.  Five sources from Asian refineries on average expect the September OSP for flagship Arab Light crude to fall by 61 cents a barrel, though forecasts range from a cut of $1 to 20-30 cents, a Reuters survey showed.SINGAPORE - Top