According to Aramco’s most recent pricing document, Saudi Arabia has reduced the price of its Arab Light crude grade to Asia and Europe, ARAB NEWS reported.
At $5.65 per barrel above the Argus Sour Crude Index, the price of the Arab Light benchmark sold in the US in June remained unchanged from the previous month.
In June, Arab Light sold for $4.40 a barrel more than the average of the Oman and Dubai benchmarks, compared to a price differential of +$9.35 in May.
According to the document, the price differential between Arab Light and ICE Brent for purchasers in northwest Europe was +$2.10 per barrel in June, compared to +$4.60 in May.
Fears of disruptions in Russian oil and gas supply generated anxiety in worldwide energy markets, as the world’s largest oil exporter increased crude prices for all regions in May, with those to Asia reaching all-time highs.