May 6, 2026
Saudi Arabia cuts Arab Light crude price for Asia from record levels
New official selling price for Arab Light crude set at $15.50/barrel above Oman/Dubai average for June delivery, down from $19.50 a barrel last month
Saudi Arabia has set the June Arab Light crude oil official selling price to Asia at $15.50 a barrel above the Oman/Dubai average, down from the previous month, Saudi Aramco said in a statement on Tuesday.
The OSP premium for the previous month was $19.50 a barrel.
The cut broadly matched expectations from a Reuters survey of industry sources last month, which showed Saudi Arabia might trim its official June OSP to Asia from record highs as spot premiums retreated and demand cooled following weeks of supply disruptions caused by the U.S.–Israeli war on Iran.
The company lowered Arab Light OSP for Northwest Europe to a $25.85 premium versus ICE Brent, down by $2 per barrel and kept its price for North American customers unchanged at $14.60 premium to ASCI.
Meanwhile, seven OPEC+ countries will raise oil output targets by 188,000 barrels per day in June, the third consecutive monthly increase, OPEC+ said in a statement on Sunday.
The hike in oil output comes after the United Arab Emirates last week said it was quitting OPEC and OPEC+, dealing a heavy blow to the oil-exporting groups and their de facto leader, Saudi Arabia, as the Iran war unleashes an energy shock and rattles the global economy.
Separately, Saudi Aramco asked buyers to submit their nominations for June-loading crude by Wednesday, including planned lifting volumes from both the usual Ras Tanura export terminal inside the Strait of Hormuz and the Red Sea port of Yanbu, in case the Strait remains closed, said two Saudi crude buyers.
The company has been using the Red Sea port of Yanbu to export Arab Light crude after the war restricted shipping.
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