S. Arabia raises Arab crude price to Asia

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Top oil exporter Saudi Arabia raised the official selling price (OSP) for its flagship Arab Light crude to Asia in April in line with expectations, trade sources said.

Saudi Aramco set the OSP for April-loading Arab Light crude to Asia at $1.70 a barrel over the Oman/Dubai average, slightly above the previous month’s OSP of $1.50 a barrel.

The price was in line with market expectations that Saudi Arabia would keep the OSP of its flagship Arab Light crude to Asia unchanged or up by 10-20 cents a barrel for April.

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April OSPs to northwest Europe were lowered by 60 to 70 cents a barrel, and for crude going to the United States the OSPs were little changed.

OPEC+ members led by Saudi Arabia and Russia agreed on Sunday to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, giving extra support to the market amid concerns over global growth and rising output outside the group.

Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), said it would extend its voluntary cut of 1 million barrels per day (bpd) through the end of June, leaving its output at around 9 million bpd. – Reuters

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