Middle East Crude

Saudi Arabia's state-owned Saudi Aramco on Monday informed its term buyers that the October-loading OSP formula for the country's flagship Arab Light (AL) was reduced by $1.00 from the previous month to a premium of $2.20 to Dubai/Oman average. The cut reflected narrowing backwardation in Dubai prices amid slack demand/supply fundamentals. Furthermore, the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC, or OPEC plus, continued to increase production and Saudi Aramco apparently aimed to increase the market shares. Many market players had earlier predicted that Saudi Aramco would reduce the OSP by 50 to 90cts from the previous month.

African/European/Russian/American Crude

In trade for Angolan grades, September-loading Agogo changed hands. Italian ENI sold 950,000barrels for Sep 29-30 loading to International United Petroleum and Chemicals Co (UNIPEC) although the price was unknown. ENI had initially offered the cargo at discounts of 50cts to Dated Bren as reported.
Agogo is a medium sweet grade with API gravity of 31-32.2 and sulfur content around 0.15%. The Agogo Floating Production, Storage and Offloading (FPSO), built for offshore Angola's Agogo oil field, had arrived six months ahead of schedule and had initiated operations in the second half of 2025.

Asia Pacific Crude

In the trade of Australian condensates, a November-loading NWSC program was settled and only one cargo would be supplied. British Shell would handle one 650,000bbl cargo for Nov17-21 loading. For NWSC, normally two cargoes are supplied every month, but the November-loading supply was limited to the above one cargo, in the wake of the loading timing. One cargo in about 13-14 days is available for NWSC.