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Photo: Reuters
(Caracas, July 05. News24) .- Saudi Sauidita, member country of the Organization of Petroleum Exporting Countries (OPEC), projects through the intermediary of his public company Aramco to change the formula used to set the long-term price of its oil sales to Asia from October.
According to the Reuters news agency, this is the first change in the benchmarks for its official selling prices since
The new formula will be based on the average monthly prices of the futures contracts on Oman crude oil traded on the Dubai Mercantile Exchange (DME, for its acronym in English) and the average cash price for Dubai crude, valued by the S award agency & P Global Platts, instead of average prices of Oman and Dubai valued by Platts.
In this sense, the price agency stated that it respected the right of each participating market participant to decide its preferred way of setting price condition contracts, but it is the market that decides which standards are adopted . "We believe that Platts benchmarks remain strong and relevant for all market players," they told S & P Global Platts.
According to commercial sources of Reuters, despite the proposals for change, Landmarks have been discussed for years in Saudi Arabia the move has surprised the market.
Source: RT
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