Name: Saudi July 2020 Official Selling Prices (OSPs) - Asian refiners won't be happy
Brand: Wood Mackenzie
SKU: 130280
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Author: Wood Mackenzie

Insight 10 June 2020

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Saudi Arabia is returning to the strategy developed during previous production cuts; raising OSPs alongside with production cuts to maximise its total revenue. The increase in Saudi OSPs indicates a growing confidence that the global crude market is rebalancing from the coronavirus pandemic. Higher Saudi OSPs will further weaken the refining margins in Asia Pacific, where we expect a prolonged recovery in the refining margins as high products inventories need to be drawn down. Weak refining margins from a narrow crude advantage adds support to the projection that Asian crude runs are to lag demand recovery through H2 2020.</div>
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<p class="font-regular" >Saudi July 2020 Official Selling Prices (OSPs) - Asian refiners won't be happy</p>
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