Saudi Arabia Plans First Change in Oil Price Formula for Decades | AmericaEconomy

Singapore .- Saudi Aramco plans to modify since October the formula it uses to set long-term prices for its oil sales in Asia, said Wednesday the company, the first modification of its Price formulas since

The new rule will be based on the average monthly prices of the Oman crude oil futures contracts, which are listed on the Oman Securities Exchange

. Dubai (DME), and the average cash price for Dubai crude oil determined by S & P Global Platts, said the company.

The current formula is the average of the Oman and Dubai prices set by Platts.

Saudi Aramco's (OSP) sales agents for October will be based on the average closing prices for the Oman contract for December in the DME and the Dubai spot price for December fixed by Platts. Prices for both contracts are set in October.