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Saudi Arabia lowers Arab Light oil price to Asia, Europe in June

08 May, 2022
<p>An oil tanker is being loaded at Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia. Reuters file photo</p>

An oil tanker is being loaded at Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia. Reuters file photo

Saudi Arabia’s lowered the price of its Arab Light crude grade to Asia and Europe for the month of June, according to a pricing document released by oil producer Saudi Aramco on Sunday.

The price of the Arab Light benchmark sold in the United States in June was unchanged from the previous month, at $5.65 per barrel above the Argus Sour Crude Index (ASCI).

Arab Light sold in June in the Far East was priced $4.40 per barrel above the average of the Oman and Dubai benchmarks, compared to a price differential of +$9.35 in May.

For buyers in northwest Europe, the Arab Light price differential versus the ICE Brent was +$2.10 per barrel in June compared to +$4.60 in May, according to the document.

The world’s top oil exporter had raised crude prices for all regions in May, with those to Asia hitting all-time highs, as fears of disruption in Russian oil and gas supplies caused jitters in international energy markets.