Local News

Yemen Sets November Masila Oil at 93 Cents Over Brent Crude

Yemen raised the price for November sales of Masila Blend oil to a premium of 93 cents a barrel to European-benchmark Dated Brent crude, the country’s state oil committee said.

Masila crude for October sales had been priced at a discount of 93 cents to Brent, so the November pricing marks an increase of $1.86 a barrel in the grade.

Yemen priced November shipments of Marib Light grade at parity with Brent, according to an e-mailed statement today from the Technical Committee for Crude Oil Marketing. The price differential for Marib Light hasn’t changed since July 2010.

The Arab Peninsula nation will sell all 2.5 million barrels of Masila Blend available for November to Unipec U.K., the state committee said in the e-mail. Aden Oil Refinery Co. will buy all 2.1 million barrels of Marib Light production planned for the same month.

Yemen has the eight-biggest crude reserves in the Middle East, according to data from BP Plc.