Saudi Aramco and Sonatrach cut LPG costs for January

MOSCOW (Reuters) – Oil manufacturer Saudi Aramco and Algeria’s Sonatrach decreased January’s main market price (OSPs) for melted oil gas (LPG) by in between 1.6% and 6% from December as a result of weak need for the gas, investors claimed on Thursday.

Aramco’s January OSP for lp lowered by $10 to $625 a statistics lot while butane come by $15 to $615 a lot, the investors claimed.

Propane and butane are kinds of LPG with various boiling factors.

LPG is utilized generally as gas for vehicles, home heating and as a feedstock for various other petrochemicals.

Sonatrach reduced its January OSP for lp by $35 to $550 a lot and for butane by $25 to $560 per lot, investors claimed.

Aramco’s OSPs are utilized as a referral for agreements to provide LPG from the Middle East to the Asia-Pacific area.

Sonatrach’s OSPs are utilized as criteria for the Mediterranean and Black Sea area, consisting of Turkey.

(Reporting by Reuters; Editing by David Goodman)