Saudi Arabia raises Arab Light crude price for Asia and Mediterranean region in May

A statement by Saudi Aramco showed on Friday that the Kingdom raised the official selling price of Arab Light crude to its customers in Asia and the Mediterranean in May.

According to Reuters, Aramco set the official selling price for buyers in Asia at a premium of two dollars above the Amman/Dubai average, an increase of 30 cents from the April price.

The increase in prices of Arab Light crude heading to Asia was in line with expectations.

Five sources in the refining sector expected in a survey that the price would rise by between 20 and 30 cents per barrel compared to April prices.

The company added that the official selling price for its customers in the Mediterranean region fell 10 cents for May above the Brent price on the Intercontinental Exchange, which reduces the discount of 20 cents in April.

The official selling prices for Northwestern European and US customers will not change during the month, and will remain at a premium of 30 cents over the Brent price on the Intercontinental Exchange and at $4.75 over the prices of Argus sour crude oil.

The largest increase announced by Aramco in May prices was for Arab Heavy crude.

Sources said before the prices were published that the tight supply of medium and heavy grades due to maintenance of oil fields in Saudi Arabia, OPEC+ production cuts and high domestic consumption in several producing countries in the Middle East are expected to support May official selling prices for medium and heavy Saudi crude.