ME crude: Traders await Saudi OSPs and Formosa

The Middle East crude market held steady on Wednesday as traders awaited the new monthly official selling prices (OSPs) from Saudi Arabia to gauge the sentiment for October trading, while eyeing the situation at Formosa.Formosa Petrochemical Corporation is in discussions with term crude suppliers in Saudi Arabia and Kuwait to defer imports and has not sold any cargoes in distress yet, trade sources said.The Taiwanese refiner shut its 540,000 barrels per day (bpd) refinery in Mailiao, Asia’s fifth-largest, following the seventh fire in a year on Saturday. The plant will remain closed for at least two weeks, and any restart will be subject to government approval.Top exporter Saudi Arabia may reduce the official selling prices (OSPs) of September crude for Asian clients, a Reuters poll showed, as refinery shutdowns in Taiwan, China and India curb demand for Middle East grades.Two refinery upsets and planned repairs at a third plant have bolstered the bearish outlook for the region’s heavy sour crude, which constitutes the main feedstock in all three cases. From / Gulf Today