Saudi Arabia increases Arab light crude oil price to Asia by $0.4/barrel in May

Saudi Arabia increased the price of its Arab light crude for the Asian market by $0.4/barrel in May, compared to April, and lowered those for the US and European markets by $0.1/barrel and $0.2/barrel respectively, according to a statement from oil producer Saudi Aramco.

It set the Arab light price for Asia at +$1.8/barrel versus Oman/Dubai average, at +$0.85/barrel versus ASCI for the U.S. and at -$2.4/barrel versus ICE Brent for Europe, the company said.

Saudi Arabia’s crude oil exports rose for a sixth straight month to an eight-month peak in December 2020, official data showed on Wednesday.

Exports rose to 6.495 million barrels per day (bpd), highest since April 2020, from November’s 6.35 million bpd.

Saudi Arabia, plus other members of the Organization of the Petroleum Exporting Countries and its allies, have been curbing output to support oil prices since January 2017.

The kingdom has pledged an additional voluntary production cut of 1 million barrels per day (bpd) in February and March.

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