The Crude Report: Europe eyes cheap and ample Saudi crude

Saudi crude looks relatively cheap for a European buyer, after state-owned Saudi Aramco cut its official formula prices for European buyers by more than expected. This would benefit European refiners in September, who have been scrambling for medium sour crude since the start of the US-Iran war. In this episode, Argus Crude deputy editor Lina Bulyk and Mediterranean crude reporter Ellanee Kruck discuss how the Mideast Gulf supply will shape Europe’s medium sour markets in September. Key topics include: How do Aramco and Somo official prices for September compare to rival spot grades How does Aramco export its barrels amid the US-Iran war and Houthi threats What does this mean for the European medium sour market next month