Saudi Arabia may raise the official selling price of Arab Light crude oil to Asia in May – Sources

Oil sector sources said that Saudi Arabia, the world’s largest oil exporter, may raise the official selling price of Arab Light crude in May.

According to a Reuters survey of six sources in the refining sector, the May official selling price for Arab Light crude may rise by between 20 to 30 cents per barrel compared to April.

One of the survey participants said that the May official selling price for Arab Extra Light crude may increase by 30 to 50 cents per barrel on the back of higher premiums for Murban crude of similar quality from Abu Dhabi.

Data showed that the average premium for May futures contracts for Murban crude for Dubai exchanges rose 58 cents to $1.73 a barrel last month, supported by strong demand in Asia.

The sources said that the shortage in supply of medium and heavy crudes due to the maintenance of oil fields in Saudi Arabia, OPEC+ production cuts, and the increase in domestic consumption in many producing countries in the Middle East is expected to support the official selling prices for May for Arab Medium and Arab Heavy crude in Saudi Arabia.