Yemen Increases October Price of Masila Blend

Source: Bloomberg 8/7/2011, Location: Middle East

Yemen raised the price for October shipments of Masila Blend oil, cutting the grade’s discount to 93 cents a barrel less than European benchmark Brent crude, from a $1.47 discount in September, the state oil committee said. Marib Light crude, which resumed production last month, was priced at parity to Brent, with the differential unchanged since July 2010, according to an e-mailed statement.

Yemen will sell all 3 million barrels of Masila Blend available for October to Arcadia, the state oil committee said in the e-mail. Aden Oil Refinery Co. will buy all 2 million barrels of Marib Light production planned for October and all output for August and September.

Yemen’s main refinery resumed processing crude last month after the first oil began flowing through the Marib pipeline since tribesmen blew up the link in March, an attack that triggered a nationwide fuel shortage. The pipeline closure and resulting halt in production at two fields in Marib prevented the Aden refinery, with its processing capacity of 150,000 barrels a day, from making enough fuel to meet domestic demand.


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