Singapore, April 6: Saudi Arabia's state oil company, Saudi Aramco, reduced crude oil prices for Asian buyers in May to the lowest level in four months. The decision follows an unexpected agreement by OPEC+ to increase oil supply.
The May official selling price (OSP) for Arab Light crude was cut by $2.30 to $1.20 a barrel above the average of Oman and Dubai prices. Prices for other grades sold to Asia were also lowered by $2.30 per barrel.
This marks the second consecutive month of price reductions by Aramco. Eight OPEC+ countries agreed to increase output by 411,000 barrels per day in May, leading to further declines in oil prices.