State-owned oil major also offered discounts for some blends to Asian customers
Saudi Aramco has increased its differentials for selling crude oil to the US by $0.80 a barrel for its official selling price for June.
Aramco also raised June premiums for super and extra light grades to Asian customers, but further discounted Arab medium by $0.40 a barrel, making it $.0.55 a barrel cheaper than the average of Oman and Dubai grades, the Gulfs two benchmarks according to Bloomberg.
Most of the Gulfs crude oil is sold to long-term customers usually from the refining sector.
You might also like...
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.