Markets

Refiners are expecting Saudi Arabia to reduce its official selling price (OSP) for crude oil, particularly for Asian buyers, with cuts potentially ranging from $0.30 to $0.50/b across various grades.

Despite Saudi-led OPEC+ increasing output by 411K b/d for Jun., Saudi Arabia has surprisingly raised its Arab Light crude price for Asian buyers by $0.20/b over May, setting a $1.40/b premium over Oman/Dubai.

Libya's state-owned National Oil Corporation (NOC) has adjusted its official formula prices for May.

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.