Saudi Arabia cuts May crude prices to Asia by $4.2 per barrel; Prices to rise for US, stay flat for Europe
Saudi Arabia has announced its official crude pricing (OSP) for May, selling oil more cheaply to Asia while keeping prices flat for Europe and raising them for the United States, after OPEC and its allies agreed the biggest output cut deal in history.
Saudi Arabia’s state oil giant Aramco has set the May price for its Arab light crude oil to Asia at a discount of $7.3 to the Oman/Dubai average, down $4.2 a barrel from April, according to a document seen by Reuters on Monday.
The cut to Asia was in line with market expectations.
According to a Reuters survey, Asian refiners have called on Saudi Arabia to slash its crude OSPs for a third straight month in May after Middle East benchmarks and refining margins dropped amid ample supplies and lower demand due to the coronavirus.
