Middle East Crude

　Saudi Arabia's state-run Saudi Aramco lowered its official selling price (OSP) formula for the country's flagship Arab Light (AL) crude for Asia for January-loading by 80cts from the previous month to premiums of 90cts to January-loading Dubai/Oman average. Inter-month spreads for Dubai crude oil in November had been narrowed by 70-80cts from October, which Aramco took into account and cut the OSP for January-loading AL. Saudi Aramco also reduced the OSP for January-loading Arab Extra Light (AEL) by 60cts from the previous month to at premiums of 90cts to January-loading Dubai/Oman average. Meanwhile, Saudi Aramco lowered the OSP for Arab Medium (AM) by 70cts from the previous month to premiums of 25cts to January-loading Dubai/Oman average. Saudi Aramco also cut the OSP for Arab Heavy (AH) by 70cts from the previous month to discount of 90cts to December-loading Dubai/Oman average.

African/European/Russian/American Crude

　In tender related news, Indonesia's state-owned Pertamina awarded its February arrival sweet crude buy tender closed on Dec 9. Pertamina purchased one cargo of Nigeria's Qua Iboe and 1.0 mil barrels of US WTI from US ExxonMobil, though the price details were unknown. Furthermore, the Indonesian company purchased Gabon's Rabi Light from French TotalEnergies and Angolan Olombendo from China International United Petroleum & Chemicals Co (UNIPEC).

Asia Pacific Crude

In trade for February-loading Australian grades, INPEX awarded an Ichthys condensate sell tender to Hanwha Total Energies. The awarded price was said to have been at premiums of about $2 to Dated Brent on an FOB basis. Several end-users in Southeast Asia and Northeast Asia had participated in the tender and showed bids at premium levels to Dated Brent, according to sources. Through the tender closed on Tuesday night, INPEX was trying to sell one cargo for Feb 1-5 loading. Meanwhile, INPEX would float a Ichthys sell tender for Feb 13-17 loading this week.