Malaysia lowers July crude oil official selling price

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SINGAPORE (Aug 1): Malaysia has lowered the official selling price of a basket of July-loading Malaysian crude oil grades to US$78.20 a barrel, Petronas said in a document reviewed by Reuters on Wednesday.

The July price for the basket of Malaysian crude oil, which includes Labuan, Miri Light, Kikeh and Kimanis Blend, slipped by 3 cents per barrel.

Petronas sets the benchmark based on spot differentials to dated Brent for the four grades.

The Malaysian crude benchmark mechanism was launched in January 2014, and updated to include the Kimanis crude grade starting January 2017.

Here are the OSPs for the Malaysian grades:

PETRONAS 2018 TERM PRICES (INCLUDES "P" ADJUSTMENT)

CRUDE JULY* JUNE
LABUAN $78.20 $78.23
MIRI $78.20 $78.23
KIKEH $78.20 $78.23
KIMANIS $78.20 $78.23
TAPIS $76.80 $76.83
DULANG $77.80 $77.83
BINTULU $76.80 $76.83

(Prices are in US dollars per barrel)