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Oil in Global Economy Series: Saudi Arabia increases oil price for Asia and United States

As Hurricane Harvey led to a skyrocketing of refinery margin in Asia, leading to greater demand for oil, Saudi Arabia increased its price of crude for Asian customers. The average profit margin for a refinery in Singapore has hit $10.21 per barrel in the wake of Harvey leading to higher demand for crude oil from refineries in the region. The demand for finished products increased after Hurricane Harvey took down 4.2 million barrels of refining capacity in the United States. According to latest reports, out of that 4.2 million barrels only, half a million barrels have returned to full capacity operation, while refineries with a capacity of 2.2 million barrels are operating at reduced pace and rest still not operational.

Saudi Aramco said that it will increase the price of Arab Light by 55 cents per barrel for Asian customers which will bring the price at 30 cents per barrel premium to Dubai benchmark. For Northwestern Europe, Aramco reduced its official selling price for Arab Light by 10 cents per barrel which bring the price to a discount of $2.15 per barrel to ICE Brent crude. Aramco also lifted the price for the United States by 10 cents per barrel that bring the final price to $1.30 per barrel premium to the Argus Sour Crude Index.

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2017-11-23 11:36:21
0m

November 23 12:30 UTC Released

BRForeign Direct Investm't*

Actual

8.2 Bln USD

Forecast

7.2 Bln USD

Previous

1.0000 Bln USD

November 23 12:30 UTC Released

BRCurrent Account*

Actual

-0.343 Bln USD

Forecast

-1 Bln USD

Previous

0.657 Bln USD

November 23 13:00 UTC 99m

RUCbank Wkly Reserves*

Actual

Forecast

Previous

426.4 Bln USD

November 23 13:00 UTC 99m

ZAPrime Rate*

Actual

Forecast

Previous

10.25 %

November 23 13:00 UTC 99m

ZARepo Rate*

Actual

Forecast

6.75 %

Previous

6.75 %

November 23 13:30 UTC 3939m

CARetail Sales MM

Actual

Forecast

0.9 %

Previous

-0.3 %

November 23 13:30 UTC 3939m

CARetail Sales Ex-Autos MM

Actual

Forecast

1 %

Previous

-0.7 %

November 23 14:00 UTC 6969m

MXIGAE Econ Activity MM

Actual

Forecast

0.14 %

Previous

0.21 %

November 23 14:00 UTC 6969m

MX1st Hlf-Mth Core Infl YY*

Actual

Forecast

4.71 %

Previous

4.75 %

November 23 14:00 UTC 6969m

MX1st Hlf-Mth Core Infl YY*

Actual

Forecast

0.73 %

Previous

0.62 %

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