Saudi Aramco cuts May’s Arab Light crude price to Europe

06/04/2017 Argaam

Saudi Aramco has lowered the May official selling price (OSP) for Arab Light crude for European customers, agencies reported on Wednesday.

 

The May pricing of Arab Light crude to northwest Europe was cut by $0.45 a barrel (bbl) from April, to a $4.35 discount to the Brent Weighted Average (BWAVE).

 

The oil giant also cut the Arab Light OSP for Asia by $0.3/bbl from April to a discount of $0.45/bbl to the Oman/Dubai average.

 

Meanwhile, Aramco hiked the pricing of oil sales to the US, where crude stockpiles have been on the rise.

 

According to data from the Energy Information Administration (EIA), US crude inventories rose to 535.5 million barrels in the week to March 31.

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