(Adds price tables for Sidi Kerir, Rotterdam and EX-ship US Gulf and detail)
By Rania El Gamal
DUBAI, May 7 (Reuters) - Saudi Arabia’s state oil giant Aramco has raised the June price for its Arab light crude oil to Asia by $1.40 a barrel from May, setting it at a discount of $5.90 to the Oman/Dubai average, according to a document seen by Reuters on Thursday.
The rise in the crude oil official prices (OSPs) to Asia are not in line with market expectations. Asian refiners were expecting Saudi Arabia to cut the prices of its crude for a fourth straight month in June after Middle East benchmarks slumped on poor refining margins as the coronavirus pandemic slammed demand, according to a Reuters survey.
OPEC and allies led by Russia, a group know as OPEC+, agreed last month to a record cut in output starting in May to prop up oil prices.
Aramco has also raised the June OSP of its Arab light crude oil to the United States, setting it at a premium of $0.75 per barrel versus ASCI, up $1.50 a barrel from May.
Prices for ex-ship cargoes of Arab Light for the U.S. Gulf Coast were raised by $1.50 per barrel as well, to a premium of $2.05 per barrel to ASCI.
Aramco also increased its OSP for Arab light crude oil to northwest Europe by $6.55 a barrel, setting it at a discount of $3.70 per barrel to ICE Brent.
Prices for Arab Light cargoes on a FOB (free on board) Rotterdam basis were increased by $6.55 per barrel to minus $2.50 per barrel against ICE Brent.
Aramco also increased the OSP for its Arab light crude loading from Ras Tanura port in Saudi Arabia, as well as from Sidi Kerir port in Egypt to the Mediterranean, by $6.35 and $6.80 per barrel respectively, to a discount of $3.50 per barrel to ICE Brent.
Saudi crude OSPs set the trend for Iranian, Kuwaiti and Iraqi prices, affecting more than 12 million barrels per day of crude bound for Asia.
The tables below show the full FOB prices for June in U.S. dollars.
Saudi term crude supplies to the United States are priced as a differential to the ASCI. UNITED STATES
JUNE MAY CHANGE EXTRA LIGHT +1.40 +0.40 +1.00 LIGHT +0.75 -0.75 +1.50 MEDIUM +0.05 -1.55 +1.60 HEAVY -0.30 -2.10 +1.80 Prices at Ras Tanura destined for Northwest Europe are set against ICE Brent: NW EUROPE
JUNE MAY CHANGE EXTRA LIGHT -3.10 -8.90 +5.80 LIGHT -3.70 -10.25 +6.55 MEDIUM -4.20 -10.60 +6.40 HEAVY -4.40 -11.00 +6.60 Saudi term crude supplies to Asia are priced as a differential to the Oman/Dubai average: ASIA
JUNE MAY CHANGE SUPER LIGHT -5.65 -3.65 -2.00 EXTRA LIGHT -6.50 -7.40 +0.90 LIGHT -5.90 -7.30 +1.40 MEDIUM -5.70 -7.40 +1.70 HEAVY -5.70 -7.40 +1.70 Prices at Ras Tanura for Saudi oil destined for the Mediterranean are set against the ICE Brent: MEDITERRANEAN
JUNE MAY CHANGE EXTRA LIGHT -3.40 -10.30 +6.90 LIGHT -3.50 -10.30 +6.80 MEDIUM -3.90 -11.40 +7.50 HEAVY -4.20 -11.40 +7.20 Prices at Sidi Kerir (Egypt) for Saudi oil destined for the Mediterranean are set against the ICE Brent:
JUNE MAY CHANGE EXTRA LIGHT -3.40 -9.85 +6.45 LIGHT -3.50 -9.85 +6.35
MEDIUM -3.90 -10.95 +7.05 HEAVY -4.20 -10.95 +6.75
Prices at FOB/FIP Rotterdam for Saudi oil are set against the ICE Brent:
JUNE MAY CHANGE EXTRA LIGHT -1.90 -7.70 +5.80 LIGHT -2.50 -9.05 +6.55
HEAVY -3.20 -9.80 +6.60
Prices at EX-ship for the US Gulf Coast for Saudi oil are set as a differential to the ASCI:
JUNE MAY CHANGE EXTRA LIGHT +2.70 +1.70 +1.00 LIGHT +2.05 +0.55 +1.50
MEDIUM +1.35 -0.25 +1.60 HEAVY +1.00 -0.80 +1.80 (Reporting by Rania El Gamal, Maher Chmaytelli in DUBAI and Olga Yagova in MOSCOW; Editing by Jan Harvey and Nick Macfie)