DAMMAM – Saudi Aramco Cuts Oil Prices For May. With the Saudi-Russian oil crisis lingering, Saudi Aramco has set the May price for its Arab light crude oil at a discount of $7.3 to the Oman/Dubai average. This is down $4.2 a barrel from April prices. This Arab light crude oil is to Asia.
According to details, Aramco has raised the May OSP of its Arab light crude oil to US to a discount of $0.75 per barrel. This is up $3 a barrel from April. Meanwhile, Aramco left its OSP for Arab light crude oil to Northwestern Europe unchanged from April. This is at a discount of $10.25 per barrel to ICE Brent.
Earlier, Organisation of Petroleum Exporting Countries OPEC decide to discuss a possible cut in output. This comes after a market crash due to coronavirus pandemic and a Saudi-Russian price war.
On the other hand, Russia has deemed Saudi Arabia’s decision to increase oil output as irrational. This comes before Russia and the OPEC countries will come together for an online meeting.
Saudi Aramco Cuts Oil Prices For May.