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Saudi Arabia raises crude prices to Asia for second consecutive month

Oil

Saudi Arabia has raised its crude oil prices to Asian refiners for cargoes loading in May, Reuters reports. The price of its flagship grade, Arab Light, was increased by $0.30/bbl to a discount of $0.60/bbl to the key regional Oman/Dubai average. In comparison, Arab Light was priced at a premium of $1.85/bbl to Oman/Dubai quotes during the same month last year. For Northwest Europe and the US, the price of Arab Light was dropped by $0.20/bbl to the Brent Weighted Average and $0.10/bbl to the Argus Sour Crude Index respectively.