Malaysia lowers Aug crude price factor to US$3.75/bbl — Petronas document

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SINGAPORE (Aug 15): Malaysian state oil firm Petronas has set the August price factor for Malaysian Crude Oil (MCO) at US$3.75 a barrel, down 10 cents from the previous month, according to a company document reviewed by Reuters on Wednesday.

The monthly price factor is added to the average of Platts' dated Brent prices published in the month to derive the Malaysian crude official selling price (OSP).

Petronas changed its OSP mechanism from January 2017, basing its benchmark price on a basket of four Malaysian crude grades: Labuan, Miri Light, Kikeh and Kimanis.