Saudi Aramco Slashes Asia Oil Price, Premium Plummets

Saudi Aramco recently reduced the official selling price (OSP) of crude oil for Asia in June, marking a decline from the highest premium level in the previous month. The OSP for crude oil in Asia was set at $15.50 per barrel, higher than the average price of Oman and Dubai crude but lower than the $19.50 per barrel in May, according to Reuters. This decline aligns with market expectations after spot premiums weakened and demand started to slow down following disruptions caused by the US-Israel conflict with Iran. Alongside Asia, Aramco also reduced OSP for Northwest Europe to a premium of $25.85 against ICE Brent, decreasing by $2 per barrel. Meanwhile, the price for American customers remained unchanged at $14.60 against ASCI. On the supply side, OPEC+ countries, including major oil producers such as Saudi Arabia, have agreed to increase their oil production target by 188,000 barrels per day in June, marking the third consecutive increase in recent months. This move comes amidst a significant shift in the global energy market, including the UAE's decision to exit OPEC and OPEC+, which is putting pressure on oil producers, particularly Saudi Arabia as the de facto leader.

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