Saudi Arabia expected to cut June crude prices for Asia: Survey
SINGAPORE (Reuters) – Top oil exporter Saudi Arabia is expected to cut its official selling prices (OSPs) for Asia in June, tracking weakness in Middle East benchmark Dubai and demand uncertainty amid a new wave of regional COVID-19 outbreaks, a Reuters survey showed.
Sources at five Asian refiners expected the June OSP for flagship Arab Light crude to decrease by an average of 28 cents a barrel, which would become the producer’s first price reduction since December last year.
Their forecasts tracked a loss in benchmark Cash Dubai’s premiums to Dubai swaps, which weakened notably over the second half of April and ended the month at its lowest since Feb. 24.
