Saudi sells 80,000 tonnes of cracked oil

Saudi Aramco sold 80,000 tonnes of cracked 380-centistoke (cst) fuel oil for mid-September loading from Rabigh at a lower premium than an earlier deal, and is offering another parcel for loading a few days after, traders said yesterday.

Middle East trading firm Bakri paid a premium of around $2 (Dh7.34) per tonne to Singapore spot quotes, on a free-on-board (FOB) basis, for the A962 cargo scheduled for loading on September 14-15.

This is marginally lower than the premium of $3-$4 per tonne to Singapore spot quotes, FOB, that Singapore Petroleum Corp (SPC) paid for an A962 cargo scheduled for loading on August 9.

Before this, Aramco sold four A962 cargoes loading between March and July at discounts ranging from $1 to $8 per tonne, FOB, to French major Total and Japan's Itochu. Aramco is also offering another A962 parcel for September 17-19 lifting.

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