In keeping with market expectations and following OPEC+’s agreement to progressively raise production in the same month, Saudi Arabia, the world’s largest oil exporter, on Friday reduced the price of crude oil for Asian clients in April for the first time in three months.
According to a pricing document released by the state oil corporation, Saudi Aramco reduced the April official selling price (OSP) for its flagship Arab Light crude by 40 cents to $3.50 per barrel over the average rates in Oman and Dubai.
After tighter U.S. sanctions on Russian oil disrupted international commerce and led oil prices and freight charges to skyrocket, Arab Light’s OSP touched its highest level in almost a year last month, at $3.90 over the average for Oman and Dubai.
After tighter U.S. sanctions on Russian oil disrupted international commerce and led oil prices and freight charges to skyrocket, Arab Light’s OSP touched its highest level in almost a year last month, at $3.90 over the average for Oman and Dubai.
Prices for other grades that the business supplies to Asia were also reduced in April. The Asian Arab Light price drop was consistent with a Reuters survey that predicted a 20–65 cent cut. OPEC+, which supplies almost half of the world’s oil, agreed to move forward with its first oil output rise since 2022, a planned increase of 138,000 barrels per day in April.
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