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State oil giant Saudi Aramco lowered the official selling price for its flagship Arab Light crude for June by $4 a barrel.
Saudi Aramco cut Arab Light crude's June official selling price for Asia by $4 to $15.5 premium.
KEY POINTS
- June's Arab Light premium is still the second-highest on record despite the price cut.
- Iran's shutdown of the Strait of Hormuz caused the largest oil-supply shock in history.
- OPEC+ will increase production by 188,000 barrels a day in June, continuing monthly hikes.
- Arab Light is currently loaded from Yanbu in the Red Sea, raising buyer costs over stated prices.
COMPANIES
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