Saudi Arabia cuts May oil prices to Asia to four-month low ahead of OPEC+ supply boost

Saudi Arabia cuts May oil prices to Asia to four-month low ahead of OPEC+ supply boost

Saudi Arabia, the world's top oil exporter slashed crude oil prices for Asian buyers in May to their lowest in four months, following a recent shock decision by the OPEC+ oil group to speed up oil output hikes.

State oil company Saudi Aramco cut the May official selling price (OSP) for flagship Arab Light crude by $2.30 to $1.20 a barrel above the average of Oman and Dubai prices, a pricing document from the producer showed.

The drop marks the biggest decline in more than two years and is the second consecutive month Aramco has lowered its prices, Reuters record of Saudi OSPs showed.

The company also lowered May prices for other grades it sells to Asia by $2.30 per barrel.

Eight OPEC+ countries in a surprise decision agreed on Thursday (April 3) to advance their plan to phase out oil output cuts by increasing output by 411,000 barrels per day in May, triple the expected increase, representing around 0.4% of global supply.

REUTERS VIDEO

Subscribe to The Manila Times Channel - https://tmt.ph/YTSubscribe
Visit our website at https://www.manilatimes.net
Follow us:
Facebook - https://tmt.ph/facebook
Instagram - https://tmt.ph/instagram
Twitter - https://tmt.ph/twitter
DailyMotion - https://tmt.ph/dailymotion

Subscribe to our Digital Edition - https://tmt.ph/digital

Check out our Podcasts:
Spotify - https://tmt.ph/spotify
Apple Podcasts - https://tmt.ph/applepodcasts
Amazon Music - https://tmt.ph/amazonmusic
Deezer: https://tmt.ph/deezer
Stitcher: https://tmt.ph/stitcher
Tune In: https://tmt.ph/tunein
Soundcloud: https://tmt.ph/soundcloud

#TheManilaTimes
#tmtnews
#saudiarabia
#oil
#gas