Saudi Aramco Raises Official Selling Prices for Arab Light Crude to Asia and Europe
Saudi Aramco increased the official selling price (OSP) for its Arab Light crude to Asia in June by $0.90 per barrel, bringing the total differential to Platts Dubai/DME Oman +$2.90 per barrel.
This is the highest OSP in five months and follows a firmer market structure and higher spot premiums for Middle Eastern grades like Oman, Al Shaheen, and Upper Zakum.
The increase in OSPs is also due to OPEC+ maintaining production cuts into the second quarter and a global shortage of sour crude.
The text reports oil price adjustments for Arab Medium and Heavy, which saw increases of $1 and $1.10 per barrel, respectively, bringing their prices to $2.35 and $1.60 per barrel above their respective benchmarks.
For Northwest Europe, Arab Light and Medium were raised by $1.80 and $1.50 per barrel, respectively, to reflect the weaker Brent market.
Arab Light for the US Gulf remained unchanged at a premium of $4.75 per barrel, while Medium and Heavy were at $5.45 and $5.10 per barrel, respectively, both seeing slight decreases from the previous month.