Saudi Aramco is increasing the differentials on the prices of all the crudes it exports to Europe and Asia in August, going against prevailing market trends. The Saudi national oil company is thus seeking to take account of the possible impact on these two regions of the embargo against Iranian oil exports imposed by the European Union. For deliveries to Asia, differentials in relation to the Oman/Dubai spot average are being increased by between $0.50/barrel, on Arabian Super Light and Arabian Extra Light, and $0.85/b, on Arabian Medium. As regards exports to Europe, the biggest increase in relation to the Brent Weighted Average (Bwave) is on Arabian Light, for which the differential is going up by $l/b to minus $1.65/b in August. Differentials on the other crudes are being raised by between $0.70/b (on Arabian Heavy) and $0.90/b (on Arabian Medium).
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