Saudi Arabia to Raise Oil Prices for Asia in May

Saudi Arabia will increase oil prices for its Asian customers in May, announced the state-owned Saudi Aramco. Notably, the price of the 'heavy' Arab Heavy grade will rise by 50 cents per barrel. The most popular Arab Light grade will see a 30-cent increase.

For the third consecutive month, Saudi Aramco has raised its oil prices for buyers in the Asian region. At the same time, traders had expected an average decrease of 43 cents for the Arab Light price, Bloomberg notes, adding that the survey was conducted ahead of announcements about additional production cuts by a number of OPEC+ countries, including Saudi Arabia.

Aramco's oil prices for Asian customers are set as a differential to Oman/Dubai prices. Aramco supplies about 60% of its total exported oil to Asia.