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Click here to see over 150 oil prices.
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Saudi oil giant Aramco, the world’s largest savvy crude exporter, on Friday raised prices for most of its crude grades for the month of May, as Middle East benchmarks in a market that looks increasingly tight.
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Aramco has set Arab Light’s official selling price (OSP) for Asia for the month of May at $0. 30 per barrel, a premium of $2. 00 to the Oman/Dubai average, the benchmark on which the price of Middle Eastern-bound crude to Asia is based. It’s established.
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This is the second consecutive increase in the value of Saudi oil sold in Asia, after Aramco raised OSPs for Asian buyers for April in March, following the extension of OPEC’s production cut agreement until the end of the first part of the year. The value of the country’s flagship product, Arab Light, rose to $0. 20 per barrel compared to the Oman/Dubai average for the month of April.
Now, the increase for May is $0. 30 a barrel, the high end of refining resource expectations voted via Reuters earlier this week. The Reuters poll of five refining resources showed they expected Arab Light crude prices for May to be between $0. 20 and $0. 30 per barrel against the Middle East benchmark. A Bloomberg survey of investors and refiners predicted an increase of $0. 10 per barrel.
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Saudi Arabia announces about one-fifth of each month its crude values for the following month and does not comment on price adjustments. This week, PSOs were followed after OPEC’s Joint Ministerial Supervisory Committee (JMMC) did not propose any adjustments. to the production policy at its assembly on Wednesday.
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