6 May in 1:00 Yahoo Finance
Saudi Arabia lowered oil prices for customers in its main market of Asia as a surge in coronavirus cases crimps demand in India, the world’s third-largest crude importer
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According to Yahoo Finance, the kingdom’s state energy firm, Saudi Aramco, reduced pricing for June shipments to the continent by between 10 and 30 cents per barrel. The key Arab Light grade for Asia was cut to $1.70 a barrel above the benchmark from $1.80 for May. That’s the first reduction in official selling prices for the grade since December, signaling weakness in Asian oil markets.
The reductions had been anticipated in the market. Aramco had been expected to lower Arab Light’s premium by 20 cents, according to a Bloomberg survey of seven traders and refiners. Saudi Energy Minister Prince Abdulaziz bin Salman has urged fellow members of OPEC+ to be cautious as the group eases supply cuts started last year when the pandemic was hammering energy markets. The 23-n
The key Arab Light grade for Asia was cut to $1.70 a barrel above the benchmark from $1.80 for May shipments. That s the first reduction in official selling prices for the grade since December, signaling potential weakness in Asian oil markets.
Aramco had been expected to lower Arab Light s premium by 20 cents, according to a Bloomberg survey of seven traders and refiners.
Saudi Energy Minister Prince Abdulaziz bin Salman has urged fellow members of OPEC+ to be cautious as the group eases supply cuts started last year when the pandemic was hammering energy markets. The 23-nation cartel plans to increase daily output by just over 2 million barrels through to July, beginning with 600,000 this month. That would still leave production roughly 5 million barrels a day below pre-pandemic levels.
OPEC+ Mulls Downgrading Next Week’s Meet to Monitoring Session April 20, 2021 EnergyNow Media
Apr 19, 2021
(Bloomberg) OPEC and its allies are discussing downgrading next week’s full-scale ministerial meeting, delegates said, a signal the coalition may stick with plans to gradually revive oil production.The OPEC+ coalition led by Saudi Arabia and Russia may go ahead with just the meeting of its monitoring committee on April 28, rather than the full gathering that’s currently also planned for that day, the delegates said.The talks are continuing and nothing has been decided yet, they added, asking not to be named because the discussions are private.
(Bloomberg) Saudi Arabia will supply all the crude oil that was requested by India’s state-owned refiners and at least four other Asian customers next month as the linchpin producer starts to ramp up output.The kingdom will deliver in full what most of the refiners asked for in May-loading cargoes, while one of the customers got its volume to the U.S. curtailed, according to officials notified by Saudi Aramco. Two other customers received some cuts to overall volumes. An email sent to the producer’s press relations office wasn’t immediately answered outside regular office hours.Led by Saudi Arabia, the Organization of Petroleum Exporting Countries and its allies will restore from May some of the supply that was cut back as the pandemic ravaged demand. Following that decision, the Saudis hiked pricing for the key Asian market in expectation that consumption will rebound further. The overall plan, which includes Riyadh’s return of a unilateral supply cut, wa