Saudi Light-Heavy Spread at Year High; JX Buys ESPO: Asia Crude
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Saudi Arabia, the world’s largest oil exporter, increased the price difference between its light and heavy grades to buyers in Asia to the widest gap in a year.
The light-heavy spread for crude purchased in October rose to $3.75 a barrel, up $1 from September, the highest in 12 months, according to prices announced yesterday by Saudi Arabian Oil Co. The producer raised Arab Light differentials by 60 cents to $1.85 a barrel above benchmark Oman and Dubai, while lowering Arab Heavy by 40 cents to a discount of $1.90 a barrel below the marker grades.