Media ININ Economy We Trust
Media In / Riyadh 4 July 2018
Saudi Aramco has announced that it is in the process of adjusting its pricing reference for Asian crude oil to enhance the overall reliability of its pricing mechanism. Saudi Aramco’s vice president of marketing, sales and supply planning, Ahmad Al-Subaie, said the company is working to rebalance the Asian benchmark to ensure that it is based on a broad and vibrant market. The inclusion of the DME price for Amman crude would complement the current Platts To provide a better view of the company’s customers for price dynamics. Al-Subaie stressed that the main objective is to ensure that the company’s pricing reference reflects market forces, is well regulated and predictable, and is confident that the price of the DME for Oman, coupled with the price of Plats for Dubai, will achieve the desired purpose. Saudi Aramco’s long-standing pricing reference is the average of Platt’s estimates for Dubai and Oman. The company’s new reference will replace the price of the Amman Power Exchange (DME) for Oman’s Platts as of October 1, 2018, The main Asian raw materials.
