DUBAI: Top oil exporter Saudi Arabia has cut its April price for its Arab Light grade for Asian customers by $0.55 a barrel versus March to a premium of $1.10 a barrel to the Oman/Dubai average, national oil company Aramco said on Monday.
The cut was in line with market expectations, according to a Reuters survey, after demand for Middle East crude fell in last month's trade.
Middle East crude prices took a dive last month as Asia's demand for April-loading cargoes dropped ahead of a peak refinery maintenance season in the second quarter.
Aramco dropped its Arab Light official selling price (OSP) to Northwest Europe by $1.40 for April from the previous month at a discount of $3.15 a barrel to ICE Brent.
The Arab Light OSP to the United States was set at a premium of $0.70 a barrel to the Argus Sour Crude Index (ASCI) for April, down 20 cents a barrel from the previous month.
Saudi crude OSPs set the trend for Iranian, Kuwaiti and Iraqi prices, affecting more than 12 million barrels per day (bpd) of crude bound for Asia.
Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.
The tables below show the full FOB prices for March in US dollars.
Saudi term crude supplies to the United States are priced as a differential to the Argus Sour Crude Index (ASCI).
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