Petronas sets September crude price factor at US$5.80/bbl

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SINGAPORE (Aug 22): Malaysia’s state oil firm Petroliam Nasional Bhd, or Petronas, has set the price factor for Malaysian Crude Oil (MCO) for September at US$5.80 per barrel, up 10 cents from the previous month, the company said on Thursday.

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 effective January 2017, basing its benchmark price on a basket of four Malaysian crude grades Labuan, Miri Light, Kikeh and Kimanis.