Saudi Arabia may raise May crude prices to Asia after OPEC+ cut – Reuters
- Date: 04-Apr-2023
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
Saudi Arabia may raise May crude prices to Asia after OPEC+ cut – Reuters
SINGAPORE, April 3 (Reuters) - Top oil exporter Saudi Arabia may raise crude prices for Asia in May after OPEC+ announced additional production cuts to shore up the market just as China's demand is expected to increase in the second quarter as refineries finish maintenance.
The May official selling price (OSP) for flagship Arab Light crude could be hiked by about 20 cents to $2.7 a barrel, a third month of increases, a Reuters survey of sources from five Asian refiners showed on Monday.
The market had been mostly expecting Saudi Aramco to cut the May OSP, which typically tracks Dubai's market structure to reflect the first- and third-month price spread. In March, the spread slid by about 30 cents.
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