After Record $19.50 Premium, Saudis Eye Sharp Cut To June Asia Prices
Submitted by Charles Kennedy of OilPrice.com
The world’s top crude exporter, Saudi Arabia, is expected to slash its official selling prices (OSPs) for crude loading for Asia in June from the record-highs for May as the premiums of the Middle Eastern benchmarks eased this month.
Saudi oil giant Aramco is widely expected to announce in early May a reduction of the OSP of the flagship Arab Light crude by between $5 and $12 per barrel compared to the Oman/Dubai average, off which Middle Eastern producers price their crude going to Asia, a Reuters survey of industry sources showed on Tuesday.
The Arab Light grade could see its OSP falling to a premium of $7.50-$14.50 over the average of the Oman and Dubai benchmarks for June, compared to a record-high premium of $19.50 for loadings for Asia in May.
In early April, Saudi Arabia hiked the price of Arab Light loading for Asia in May to a record-high premium over the Middle Eastern benchmarks as the de facto closure of the Strait of Hormuz upended oil flows and roiled markets and prices.
The premium for May was the highest ever in Saudi pricing, although it was below the $40 per barrel premium over Oman/Dubai that some refiners and traders had expected.
Saudi Arabia typically announces around the fifth of each month its crude pricing for the following month and doesn’t comment on price changes.
The pricing announcement follows the monthly OPEC+ gatherings at which the producers, led by Saudi Arabia, decide how to maintain market stability.
For the June pricing, the Reuters survey participants expect all other grades to also see price reductions of between $5 and $12 per barrel in the premium to Oman/Dubai.
The wide gap of $7 per barrel, in the expectations of the market suggests that traders and refiners in Asia aren’t sure how Saudi Arabia would approach the June pricing, as the Strait of Hormuz is still closed and only the Yanbu port on the Red Sea is regularly shipping out Saudi light crude to international markets.
Tyler Durden Wed, 04/29/2026 – 05:00
Source: https://freedombunker.com/2026/04/29/after-record-19-50-premium-saudis-eye-sharp-cut-to-june-asia-prices/
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