Saudi Arabia cuts May oil prices to Asia to four-month low ahead of OPEC+ supply boost
RoydadNaft – Saudi Arabia, the world’s top oil exporter, on Sunday slashed crude oil prices for Asian buyers in May to their lowest in four months, following a recent shock decision by the OPEC+ oil group to speed up oil output hikes.
State oil company Saudi Aramco cut the May official selling price (OSP) for flagship Arab Light crude by $2.30 to $1.20 a barrel above the average of Oman and Dubai prices, a pricing document from the producer showed.
The company also lowered May prices for other grades it sells to Asia by $2.30 per barrel.
The news, together with an escalating global trade war, sent oil prices plunging nearly 11% in the week ending April 4, hitting more than three-year lows.
The tables below show the full free-on-board (FOB) prices for May in U.S. dollars.
|
Saudi term crude supplies to Asia are priced as a differential to the Oman/Dubai average: |
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|
May |
APRIL |
CHANGE |
|
|
SUPER LIGHT |
1.75 |
4.05 |
-2.30 |
|
EXTRA LIGHT |
1.00 |
3.30 |
-2.30 |
|
LIGHT |
1.20 |
3.50 |
-2.30 |
|
MEDIUM |
0.65 |
2.95 |
-2.30 |
|
HEAVY |
-0.50 |
1.80 |
-2.30 |
|
Prices at Ras Tanura destined for United States are set against ASCI: |
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|
May |
APRIL |
CHANGE |
|
|
EXTRA LIGHT |
5.85 |
6.05 |
-0.20 |
|
LIGHT |
3.60 |
3.80 |
-0.20 |
|
MEDIUM |
3.70 |
3.90 |
-0.20 |
|
HEAVY |
3.25 |
3.45 |
-0.20 |
|
Prices at Ras Tanura destined for Northwest Europe are set against ICE Brent: |
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|
May |
APRIL |
CHANGE |
|
|
EXTRA LIGHT |
4.15 |
4.65 |
-0.50 |
|
LIGHT |
2.55 |
3.05 |
-0.50 |
|
MEDIUM |
1.75 |
2.25 |
-0.50 |
|
HEAVY |
-0.65 |
-0.15 |
-0.50 |
|
Prices at Ras Tanura for Saudi oil destined for the Mediterranean are set against ICE Brent: |
|||
|
May |
APRIL |
CHANGE |
|
|
EXTRA LIGHT |
4.05 |
4.55 |
-0.50 |
|
LIGHT |
2.35 |
2.85 |
-0.50 |
|
MEDIUM |
1.75 |
2.25 |
-0.50 |
|
HEAVY |
-0.95 |
-0.45 |
-0.50 |
