Saudi Arabia has dropped its June Arab Light crude official selling price to Asia by $4 a barrel, cutting the premium to $15.50 over the Oman/Dubai average. The move comes as demand cools and spot premiums ease after weeks of supply disruption linked to the US-Israeli war on Iran.
The company also lowered prices for Northwest Europe by $2 a barrel, while keeping US prices unchanged.
Meanwhile, seven OPEC+ countries will raise output targets by 188,000 barrels per day in June, the third straight monthly increase. The hike follows the UAE's announcement it is leaving OPEC and OPEC+, a blow to the group's de facto leader, Saudi Arabia, amid the ongoing Iran war and global energy shock.