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Saudi Raise Arab Light OSP Above Expectation to a $2.0/bbl Premium

OIL

Saudi Arabia raised the official selling price for Arab Light crude for Asia for the second consecutive month in May to $2.0/bbl above the Oman/Dubai average according to Bloomberg. The price increased 30ct/bbl from April and slightly above market expectations.

  • Refining sources from Bloomberg and Reuters had expected Saudi Aramco to raise the Arab Light OSP for May by between 10-30ct/bbl.
  • The OPEC+ JMMC meeting earlier this week agreed to keep current supply cuts in place as oil markets strengthen partly driven by tighter supply due to pledged production cuts.

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