• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 16 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 10 hours Will Uncle Sam Step Up and Cut Production
  • 18 mins Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 1 day Movie Script: Epstein Guards Suspected Of Falsifying Logs
  • 12 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 15 hours Continental Resource's Hamm (Trump Buddy) wants shale to cut production.Can't compete with peers. Stock will drop in half again.
  • 1 day Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 3 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 8 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 2 days I think I might be wrong about a 2020 shakeout
  • 2 days Kremlin Says WTO's Existence Would Be In Doubt If the U.S., Others Left
  • 1 day Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 51 days To be(lieve) or Not To be(lieve): U.S. Treasury Secretary Says U.S.-China Trade Deal Is 90% Done
Alt Text

Trade War Turnaround Sends Oil Soaring

Oil prices saw a significant…

Alt Text

Imagining A Global Solar Empire

Global equity markets took a…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Saudis Further Discount Crude To Asia

In a bid to defend its Asian market share amid OPEC’s production cuts, Saudi Arabia is lowering yet again the official selling prices (OSPs) for the crude grades it sells to Asia in June, while pricing for all other regions was raised.

Saudi Aramco, the state oil giant, has cut the OSP for its flagship Arab Light crude bound for Asia for June by US$0.40 to an US$0.85-discount to the regional benchmark, Oman/Dubai average, Bloomberg reported on Monday, citing an emailed statement by Aramco.

The Saudi oil company is also cutting the pricing of all its crude varieties for Asia for June, including Super Light, Extra Light, Medium, and Heavy, Reuters reports. The biggest change in June over May is for the Super Light, whose OSP was lowered by US$0.70, while the Heavy crude price for Asia was reduced by the smallest amount, US$0.20, according to Reuters figures.

A Reuters survey of five Asian refiners from Sunday showed that Saudi Arabia was expected to cut the Arab Light pricing for June by US$0.40-$0.50 compared to May, due to the fall in the Dubai crude benchmark on abundant supply.

The Saudi cut in pricing for June is the latest in a string of cuts for Arab Light pricing for the Asian market, after the reductions in the pricing for April and May.

While the Saudis are cutting crude prices for Asia, they are lifting the pricing for all crude varieties for all other regions for June, including to the U.S., Northwest Europe, and the Mediterranean.

For May, Saudi Arabia is said to be exporting full volumes of crude oil to at least three Asian clients in a move suggesting that the Kingdom is determined to maintain its market share in the fastest-growing market for energy in the world.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play