Markets

The largest producer in the Middle East has aggressively cut its official selling prices for crude oil, particularly for Asian markets, by the largest margin in over two years.

A Reuters survey of Asian refining and trading sources indicated on Mar. 28 that Saudi Arabia, the world's leading crude oil exporter, is likely to reduce the price of its oil for Asian delivery in May.

Saudi Arabia is expected to raise its official selling prices (OSPs) for crude oil to Asia for Mar. loadings, reaching a 14-month high.

The OPEC kingpin is poised to lower the official selling prices for its oil grades targeting Asian buyers, with anticipated reductions ranging from $0.30 to $0.50/b for Dec. shipments.

The OPEC kingpin has raised the price of its Arab Light crude for Asian buyers by $0.90/b, now set at a premium of $2.20 above the Dubai/Oman benchmark.

Saudi Arabia has reduced its Oct. pricing for Arab Light Crude oil sold to Asia by 70¢/b, setting the price at $1.30 below the regional benchmark.

Saudi Aramco is set to lower its official selling prices (OSP) for its crude oil grades in Oct., influenced by weakening refining margins and declining Dubai benchmark prices.

Saudi’s state-owned producer has increased its OSP for Arab Light crude by 20¢/bbl for Sept., marking the first price hike in three months.

The OPEC kingpin is anticipated to increase the official selling price (OSP) of its crude grades for Asia in Sept., driven by rising benchmark prices in the Middle East.

Saudi Arabia's state-owned company has once again reduced its crude prices for all grades destined for Asia, marking the second consecutive month of cuts.