Saudi Aramco has lowered its crude oil prices for Asian buyers in April, marking the first reduction in three months, reports Arab News.
This price cut aligns with market expectations and follows the decision by Opec+ to gradually increase oil supply starting this month.
According to an official statement, the official selling price for the benchmark Arab Light crude has been reduced by 40 cents, now standing at $3.50 per barrel above the average price of Oman and Dubai crude.
This change comes after the OSP for Arab Light hit a 12-month high last month, reaching $3.90 above the Oman and Dubai average.
Other grades of Saudi crude also experienced price cuts. The OSP for Arab Extra Light has been lowered to $3.30 per barrel, while Arab Super Light is priced at $4.05 per barrel. Additionally, the price for Arab Medium crude has been reduced to $2.95 per barrel, and Arab Heavy crude now stands at $1.80 per barrel.
For North American buyers, Saudi Aramco set the OSP for Arab Light crude at $3.80 per barrel above the Argus Sour Crude Index for March.
This price adjustment follows Opec+’s decision to proceed with a planned increase in oil output by 138,000 barrels per day starting in April. It marks the group’s first production increase since 2022. Meanwhile, Russian and Iranian oil exports to China are on the rise, as non-sanctioned tankers take advantage of attractive payoffs, helping to ease supply concerns.
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