The official selling price (OSP) of a basket of Malaysian crude oil for July-loading has been set at US$61.54 a barrel, state-owned Petronas said today.

The July price for flagship Labuan fell US$5.35 a barrel from June. The price had reached its lowest in January since April  2009.

Petronas introduced a new benchmark starting January 2014, based on the spot differentials to dated Brent for three grades - Labuan, Miri and Kikeh.

As a result of the change, Tapis Blend was dropped as the key pricing reference to dated Brent due to low liquidity and falling output.

Kimanis, a new grade that started production in the fourth quarter of 2014, could be included in the price reference basket in late-2015 or 2016.

- Reuters