Saudi Aramco hikes May Arab Light crude oil and Medium OSPs for Asia

London (Quantum Commodity Intelligence) - Saudi Aramco has increased Official Selling Prices (OSPs) for all Asia-bound crude oil in May, but cut differentials for a number of grades shipped to the US and Europe.

For Aramco's key customer base in Asia, differentials for the flagship Arab Light grade was increased by $0.40/barrel to +$1.80/b, while Arab Medium was increased by $0.50/b to +$1.45/b.

Saudi Aramco's sales to Asia are priced as a differential to Platts Dubai/DME Oman, with each benchmark given equal weighting in the formula.

Arab Light and Medium for the US were both cut by $0.10/b against the U.S. Gulf Argus ASCI price to +$0.85/b and +$0.15/b, respectively.

Sales to Europe, priced against ICE Brent futures, were also slightly reduced.

Arab Light to the Mediterranean was reduced by $0.20/b to -$2.1/b versus Brent, while Arab Light to Northwest Europe was also cut by $0.20/b to -$2.40/b against Brent.