06NOV2019 - NEWS - Saudis hike light crude prices, driven by high IMO 2020 demand

Saudi Arabia has priced its lighter crude at the widest premium to heavier oil in almost two years as new rules mandating cleaner shipping fuels drive demand for less-sulfurous grades.

Lighter oil is highly sought after at the moment as it can be more easily blended into less-pollutive fuels that will be compliant with the International Maritime Organization standards that take effect Jan. 1. The rules, known as IMO 2020, have also boosted prices of other less-sulfurous grades such as Qatar Land, Russia’s Sokol and Australia’s Pyrenees.