April 5, 2016 / 9:47 AM / 3 years ago

UPDATE 1-Saudi Arabia cuts May Arab Light crude price to Asia by $0.10/bbl

(Adds prices for other crudes to Asia)
    April 5 (Reuters) - Saudi Aramco is expected to cut the
official selling price (OSP) for Arab Light crude sales to Asia
in May by $0.10 a barrel from the previous month to a discount
of $0.85 a barrel to the Oman/Dubai average, an industry source
said on Tuesday.
    The price cut from April was in line with market
expectations. Three out of five respondents in a Reuters survey
of oil traders in Asia had expected the OSP for Arab Light in
May to stay unchanged or fall by 10 cents a barrel from the
previous month to offset a stronger benchmark. 
    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.
    The tables below show the full FOB prices for May in U.S.
dollars.
    
    Saudi term crude supplies to Asia are priced as a
differential to the Oman/Dubai average: 
        
 Crude         MAY         APRIL       CHANGE
 Super Light    2.95        2.55       +0.40
 Extra Light    1.80        1.65       +0.15
 Light         -0.85       -0.75       -0.10
 Medium        -2.40       -2.40        0.00
 Heavy         -3.65       -3.30       -0.35
                                       
 
 (Reporting by Asia Energy Desk; Editing by Tom Hogue)
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