Saudi Arabia raises the official selling price of its Arab light crude for buyers in Asia.
May 5, 202577 ViewsRead Time: 1 minutes
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A pricing document reviewed by Reuters today, Monday, showed that Saudi Arabia raised the official selling price of its Arab light crude to buyers in Asia in June, despite OPEC+ agreeing earlier in the week to a new acceleration in the pace of production increases.
The document revealed that Aramco raised the official selling price of Arab light crude by $0.20 to $1.40 per barrel above the Oman/Dubai average prices.
The price increase came after two consecutive months of cuts, despite downward pressure on oil prices amid concerns of oversupply and uncertainty in demand forecasts.
The OPEC+ alliance agreed on Saturday to accelerate the pace of oil production increase for the second consecutive month, raising production by 411,000 barrels per day by June.
This brings the total increases from OPEC+ for April, May, and June to 960,000 barrels per day, representing a 44% decrease from the voluntary cut of 2.2 million barrels per day that the alliance agreed to gradually phase out by September 2026.
The document revealed that Aramco raised the official selling price of Arab light crude by $0.20 to $1.40 per barrel above the Oman/Dubai average prices.
The price increase came after two consecutive months of cuts, despite downward pressure on oil prices amid concerns of oversupply and uncertainty in demand forecasts.
The OPEC+ alliance agreed on Saturday to accelerate the pace of oil production increase for the second consecutive month, raising production by 411,000 barrels per day by June.
This brings the total increases from OPEC+ for April, May, and June to 960,000 barrels per day, representing a 44% decrease from the voluntary cut of 2.2 million barrels per day that the alliance agreed to gradually phase out by September 2026.
