DUBAI: Saudi Arabia has announced its official crude pricing 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.
Aramco left its OSP for Arab light crude oil to Northwestern Europe unchanged from April at a discount of US$10.25 per barrel to ICE Brent. Last month, the world’s top exporter Saudi Arabia surprised everyone by ramping up supplies and slashing prices for April, sparking a battle for market share globally and causing global oil prices to plunge to 18-year lows.
Source: Financial Digest (financialdigest.net)
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