Although Saudi Arabia's decision has surprised the market, a proposal to change the segment's references was discussed many years ago.
Saudi Aramco plans to change the formula used to price its long-term oil sales to Asia from October, marking the first change in the "benchmarks" of its official sales prices since the mid-1980, reported the direction of Company on Wednesday (5/7). Sources of trade in that country had already informed the Reuters News company about the planned change.
The new formula will be based on the average monthly prices of future oil contracts in Oman Arab country, traded in the Dubai Stock Exchange (DME) in average price to the view evaluated by the agency S&P Global Platts, instead of the average prices evaluated in Oman and Dubai by Platts , said directors of Aramco.
DME and Platts did not respond to requests for comments when contacted by Reuters. Source: Exam.
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