Saudi Arabia may cut June Arab Light crude prices to Asia – Reuters

Saudi Arabia may cut June Arab Light crude prices to Asia – Reuters

SINGAPORE, April 28 (Reuters) - Top oil exporter Saudi Arabia may cut the price for its flagship Arab Light crude to Asia in June despite an extra output cut from OPEC+, as refiners hit by sliding fuel prices consider reducing output and China and India snap up cheap Russian crude.

State oil giant Saudi Aramco (2222.SE) may reduce the official selling price (OSP) for its medium sour crude by about 40 cents a barrel in June, according to five respondents surveyed by Reuters, following three months of price hikes.

Middle Eastern crude prices jumped in the first half of April after the Organization of the Petroleum Exporting Countries and its allies (OPEC+), including Russia, announced a surprise cut of 1.16 million barrels per day from May, raising concerns of tight supply of sour crude in Asia.