Aramco reassesses Asian crude

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Aramco reassesses Asian crude
[Saudi Arabia Aramco] announced that it was in the process of adjusting its tariff reference to Asian crude to improve the overall reliability of its pricing mechanism.
Saudi Aramco Vice President Marketing, Sales and Procurement Ahmed Al-Subaie explained that to rebalance the Asian benchmark in order to make sure that it is based on a broad and dynamic market, add that price EMR of Amman crude would supplement Dubai's current platinum price to provide better visibility to the company's customers for price dynamics. Al-Subaie said that the president's goal is to ensure that the company's rate reference reflects market forces, is well-regulated and predictable, and is confident that the price of the EMR for Oman, associated with the Platts Award for Dubai, will achieve the desired goal. Saudi Aramco's historical benchmark is the average of Platt's estimates for Dubai and Oman, which will replace the Amman Power Exchange (DME) price for Oman's Platts as of October 1, 2018, The Main Materials Asian firsts.

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