Saudi Arabia Raises Oil Prices To Record Premiums ...Middle East

The world’s largest crude oil exporter, Saudi Arabia, raised its official selling prices for its flagship crude to the Asian market in May to a fresh record against regional benchmarks, in a move widely expected by traders and refiners. The Saudis hiked the OSP for May for Asia for Arab Light—the Kingdom’s flagship grade—to a record premium of $9.35 per barrel above the Oman/Dubai benchmark, off which Middle Eastern crude is priced in Asia. The price for May is raised by a massive $4.40 a barrel over the April OSP for…

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