Top oil exporter Saudi Arabia has cut the June official selling prices (OSPs) of all crude grades it sells to Asia, two sources with knowledge of the matter said on May 5.
It set the June OSP for the flagship Arab light crude at $1.7 a barrel above the Oman/Dubai average for Asia, down 10 cents from May and its first price cut since December last year, the sources said.
Saudi Arabia set its Arab Light OSP to Northwest Europe at a discount of $2.90 per barrel against ICE Brent for June, compared with a discount to $2.40 for May, according to a document seen by Reuters.
The OSP to the U.S. was set at a premium of $1.05 a barrel over Argus Sour Crude Index (ASCI), $0.20 above May's premium.
Prices at Ras Tanura destined for Northwest Europe are set against ICE Brent:
Saudi term crude supplies to Asia are priced as a differential to the Oman/Dubai average:
Prices at Ras Tanura for Saudi oil destined for the Mediterranean are set against the ICE Brent: