RIYADH: Saudi Arabia 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 US in June was unchanged from the previous month, at $5.65 per barrel above the Argus Sour Crude Index.
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.