{"id":4708,"date":"2023-04-09T13:31:49","date_gmt":"2023-04-09T13:31:49","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=4708"},"modified":"2023-04-09T13:31:51","modified_gmt":"2023-04-09T13:31:51","slug":"saudi-arabia-raises-may-arab-light-crude-prices-for-asia-for-third-month","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/4708\/","title":{"rendered":"Saudi Arabia raises May Arab Light crude prices for Asia for third month"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Saudi Arabia, the world&#8217;s top oil exporter, has raised the prices of its flagship crude for Asian buyers for the third straight month.<\/p>\n\n\n\n<p>The official selling price (OSP) for May-loading Arab Light to Asia was raised by 30 cents a barrel from April to $2.80 a barrel over Oman\/Dubai quotes, Reuters reported.<\/p>\n\n\n\n<p>The price increase is in line with a Reuters survey of sources from Asian refiners and follows a production cut from the Organization of the Petroleum Exporting Countries and their allies (OPEC+) which is expected to tighten the supply from the Middle East.<\/p>\n\n\n\n<p>The OPEC+ group caught the market off guard last Sunday by announcing a 1.16 million barrels per day (bpd) cut from May to the rest of the year.<\/p>\n\n\n\n<p>Saudi Arabia also raised the OSPs for Arab Medium and Arab Heavy, crude grades that contain more sulphur than Arab Light, by 30 cents and 50 cents in May respectively.<\/p>\n\n\n\n<p>The size of the price increase on Arab Heavy follows a stronger demand for heavier crude in the region as new refineries designed to process heavy grade, such as PetroChina&#8217;s Jieyang plant, are coming online.<\/p>\n\n\n\n<p>&#8220;Higher OSPs would undoubtedly eat refiners&#8217; margins. But the key question is if and when Saudi&#8217;s output cut is to have impact on supply to its term buyers,&#8221; said a Singapore-based trader.<\/p>\n\n\n\n<p>The market participants had expected that the OPEC+ production cut could prompt Asian refiners to seek more supply from Russia, Africa and the Americas.<\/p>\n\n\n\n<p>For other regions, the top oil exporter set its Arab Light OSP to northwest Europe at $1 a barrel above ICE Brent for May, unchanged from April.<\/p>\n\n\n\n<p>Meanwhile, the OSP to the United States was raised by 10 cents from last month at $6.75 versus ASCI for May.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-04-09T13:31:51+00:00\"> 9 April 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Saudi Arabia, the world&#8217;s top oil exporter, has raised the prices of its flagship crude for Asian buyers for the third straight month. The official selling price (OSP) for May-loading Arab Light to Asia was raised by 30 cents a barrel from April to $2.80 a barrel over Oman\/Dubai quotes, Reuters reported. The price increase [&hellip;]","protected":false},"author":1,"featured_media":4709,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16,35],"tags":[],"services":[],"class_list":["post-4708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lastnews","category-news","category-oil","category-topnews"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/4708","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/comments?post=4708"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/4708\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/4709"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=4708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=4708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=4708"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=4708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}