Aramco Said to Cut October Prices for Crude From Sidi Kerir

Saudi Arabian Oil Co., the world’s largest crude exporter, reduced its October official selling price for Arab Light blend from the Egyptian port of Sidi Kerir, two people with knowledge of the matter said.

Saudi Aramco, as the state-run producer is known, cut the differential of Arab Light by $1.05 to a discount of 45 cents a barrel to the Brent weighted average, or BWAVE, posted by the Intercontinental Exchange, said the people, who declined to be identified because the information is confidential.

Prices of all four grades from Sidi Kerir were 45 cents more expensive than those from Ras Tanura in the Persian Gulf for customers in the Mediterranean, they said.

The following table gives differentials for the four blends loading from Sidi Kerir in relation to BWAVE on a free-on-board basis, the month-on-month change and the degrees of gravity as defined by the American Petroleum Institute. Prices are in U.S. dollars a barrel.

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Sidi Kerir

Variety        API      October        September     Change
Extra Light    38.5     +2.00          +2.85          -0.85
Arab Light     32.5     -0.45          +0.60          -1.05
Arab Medium    31       -2.70          -0.95          -1.75
Arab Heavy     27       -5.25          -3.15          -2.10
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To contact the reporters on this story: Anthony DiPaola in Dubai at adipaola@bloomberg.net; Sherry Su in London at lsu23@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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