Sytrol's monthly official pricing of Syrian Light and the
heavier crudes is pegged against Dated Brent (BFO). But Syrian Light has
become less attractive to Mediterranean refiners because of its lower
exports and relatively high values compared with competing crudes. In
2007, Syrian Light traded at an average premium of 25 cents/b to
Libya's es-Sider, compared to a 75 cent discount in 2006. European
refiners are increasingly turning to es-Sider as a substitute.
Souedie's official selling price (OSP) has been following the
official price of Egypt's Ras Gharib crude, which is similar in
quality. The volume of exports of heavy/sour crudes, including Souedie,
in 2008 is expected to average about 110,000 b/d.
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