RIYADH: According to an official statement, Saudi Aramco increased the official selling price for its flagship Arab light crude in Asia in June.
Differentials for the flagship Arab Light grade were set at Platts Dubai/DME Oman +$2.90 per barrel, up from +$2 per barrel in April.
This was the highest OSP in five months and broadly in line with expectations, owing to a firmer market structure and higher spot premiums last month for tradable Middle Eastern grades such as Oman, Al Shaheen, and Upper Zakum.
The higher OSPs also came after the Organisation of Petroleum Exporting Countries and its allies, known as OPEC+, extended the first quarter round of voluntary cuts into the second quarter, while a global supply crunch for sour crude also supported Middle Eastern grades.
Arab Medium was increased by $1 per barrel, to +$2.35 per barrel, while Arab Heavy was increased by $1.10 per barrel, to +$1.60.
For Northwest Europe, the Arab Light OSP was set at +$2.10 per barrel over ICE Brent futures, up from +$0.30/b, while Medium was raised from -$0.40/b to +$1.10/b. Both grades were increased to reflect Brent’s relative weakness compared to sour barrels.
Arab Light for April to the US Gulf remained unchanged at +$4.75 per barrel over ASCI, while Medium and Heavy were at +$5.45/b and +$5.10/b, respectively, both slightly lower on the month.
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