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Saudi Aramco plans to change Asia crude oil price formula, to use DME Oman

The new formula will be based on the average monthly prices of Oman crude futures traded on the Dubai Mercantile Exchange

Reuters  |  Singapore 

Saudi Aramco plans to change the formula used to price its long-term crude oil sales to Asia starting from October, marking the first change in benchmarks for its official selling prices (OSP) since the mid-1980s, multiple trade sources said on Wednesday. The new formula will be based on the average monthly prices of Oman crude futures traded on the Dubai Mercantile Exchange (DME) and the average cash price for Dubai assessed by pricing agency S&P Global Platts, instead of the average of Oman and Dubai prices assessed by Platts, the sources said. Saudi Aramco's OSPs for ...

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First Published: Wed, July 04 2018. 17:13 IST
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