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Saudi Aramco is considering modifying the formula used to set long-term prices for its oil sales in Asia from October, said several sources Wednesday, in which this would be the first change in the formulas of its official prices. since the mid-1980s.
The new rule will be based on average monthly Oman crude oil futures prices, quoted on the Dubai Mercantile Exchange (DME), and the average spot price. Dubai crude oil determined by S & P Global Platts, sources said. The current formula is the average price of Oman and Dubai set by Platts.
Saudi Aramco's official selling prices for October will be based on the average closing prices of the Oman contract for December at the DME and in the December Dubai cash price was set by Platts, added sources. Prices for both contracts are set in October.
On the other hand, US President Donald Trump again accused the Organization of Petroleum Exporting Countries of increasing gasoline prices and urged
"The monopoly of OPEC must remember that gasoline prices are rising and that they are doing very little to help.On the contrary, they are driving up prices, at a time when the United States defends many of its members for very little dollars, it must be a two-way way REDUCE PRICES NOW! "wrote Trump in his Twitter account.
The president has criticized the cartel for the last few weeks. Rising gas prices could create a political problem ahead of the November elections, eclipsing Republican claims that tax cuts and the elimination of federal regulations have helped boost the local economy.
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