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Petronas sets July crude price factor at $1.95/bbl

Tuesday, 30 June 2020 | 19:00

State oil firm Petronas has set the price factor for Malaysian Crude Oil (MCO) for July at $1.95 per barrel, up from a record low of minus $4.20 per barrel for the previous month, the company said on Tuesday.

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.
Source: Reuters (Reporting By Shu Zhang; Editing by Devika Syamnath)

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