Overview
- Saudi Aramco set June Arab Light for Asia at $15.50 a barrel above the Oman/Dubai benchmark, a $4 cut that matches across-the-board reductions for all Saudi grades to the region.
- For Northwest Europe, Arab Light was reduced by $2 to a $25.85 premium to ICE Brent, while prices for U.S. buyers stayed unchanged at a $14.60 premium to the ASCI benchmark.
- The pricing shift tracks weaker spot premiums and cooling refinery demand after recent supply disruptions tied to the U.S.-Israeli war on Iran.
- Traders had looked for steeper cuts in industry surveys, yet the new Asia price still sits near record territory for Saudi term barrels.
- OPEC+ said seven members will raise June production targets by a combined 188,000 barrels per day after the UAE announced it would leave OPEC and the wider pact.