Saudi Aramco raises all June crude price differentials to U.S.
DHAHRAN, Saudi Arabia (Bloomberg) -- Saudi Arabian Oil Co. raised differentials used in determining its official selling prices for all crude grades to customers in the U.S. by 80 cents a barrel each and increased levels for its two lightest blends to buyers in Asia for June.
Saudi Aramco boosted the June premium for Arab Medium for U.S. buyers to $1 a barrel more than the Argus Sour Crude Index, from 20 cents over the benchmark for May, the company said in an emailed statement. The premium will be the highest for the blend since April 2009, according to data compiled by Bloomberg.
Saudi Aramco widened the discount for the same grade to be shipped to buyers in Asia next month by 40 cents a barrel, to 55 cents less than the average of Oman and Dubai grades, the Gulf benchmarks. The company raised June premiums for its Super and Extra Light grades to buyers in Asia.
Persian Gulf oil producers such as Saudi Arabia sell most of their crude under long-term contracts to refiners. Most of the region’s state oil companies price their oil at a premium or discount to a benchmark.