Top oil exporter Saudi Arabia is expected to lower its official selling prices (OSPs) for Asian buyers in March, the first cut in three months, tracking falling benchmark prices and coronavirus-induced demand weakness, a Reuters survey showed on Friday.
Five sources at Asian refiners on average expected the March OSP for the flagship Arab Light grade to fall by 16 cents a barrel, with their forecasts ranging from no change to a 30 cent cut.
In January, benchmark DME Oman’s premium to Dubai swaps fell by 23 cents from last month, while cash Dubai’s premium to swap dipped 8 cents, as Asian refiners’ appetite for crude was crimped by seasonal maintenance and demand uncertainties.
