Malaysia’s Petronas raises Jan crude oil official selling price

Malaysia has raised the official selling price (OSP) of a basket of January-loading Malaysian crude oil grades OSP/MY to $64.96 a barrel, the country’s state-owned Petronas said in a document reviewed by Reuters on Monday.

The January price for the basket of Malaysian crude oil, which includes Labuan, Miri Light, Kikeh and Kimanis Blend, increased by $2.17 a barrel from the previous month.

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 Blend crude grade starting January 2017.

Here are the OSPs for the Malaysian grades:

CRUDE JANUARY DECEMBER

2019 2018 LABUAN $64.96 $62.79 MIRI $64.96 $62.79 KIKEH $64.96 $62.79 KIMANIS $64.96 $62.79 TAPIS $63.56 $61.39 DULANG $64.56 $62.39 BINTULU $63.56 $61.39 (prices are in U.S. dollars per barrel)
Source: Reuters (Reporting by Jessica Jaganathan; editing by Richard Pullin)