Saudi Aramco cut pricing on crude for shipment to the Mediterranean region after OPEC + extended oil supply constraints and Saudi Arabia’s oil minister warned producers to remain cautious in the face of the ongoing coronavirus pandemic.
The world’s biggest crude exporter tracks pricing for comparable Urals crude from Russia for its sales to the Mediterranean. Russia received an exception to the OPEC+ decision and will be allowed to raise output next month. Saudi Energy Minister Prince Abdulaziz bin Salman cautioned the broader group that they shouldn’t be enticed by higher global prices to raise output since demand growth remains uncertain amid the pandemic.
Aramco cut pricing for its Light crude for sale from Egypt’s Mediterranean port of Sidi Kerir by $1.70 a barrel to a discount of $1.90 below the benchmark, according to a price list seen by Bloomberg. The company cut pricing for Medium grade oil by $1.70 a barrel and for Heavy crude by $1.90.
The Organization of Petroleum Exporting Countries and allies including Russia decided at a meeting on March 4 that they would be sticking with the output cuts that have buoyed the market so far this year. Saudi Arabia’s pledge to extend a unilateral 1 million barrel-a-day cut through at least April also helped spur the benchmark to an almost two-year high at nearly $70 a barrel.
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor. He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino.
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