Yemen Cuts August Masila Crude Premium to 23 Cents a Barrel

Yemen cut the premium for its Masila blend crude for delivery in August to 23 cents a barrel more than the Dated Brent benchmark, the Arabian Peninsula state’s oil marketing committee said.

China International United Petroleum & Chemical Co., the trader known as Unipec, was the highest bidder for the oil and agreed to buy 2.95 million barrels of the 3.3 million offered, Yemen said in an e-mailed statement today.

Yemen cut the premium used to determine the official selling price of its crude from the level of $1.12 more than Dated Brent set for July. It offered the remaining barrels of Masila available for August at the price set today.

Marib Light crude remained at parity to Dated Brent and Yemen didn’t announce any quantities of the grade for sale. The pipeline carrying crude from the central Marib province has suffered several attacks and had been closed from October to May because of sabotage.

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