Saudi Arabia, the world’s largest oil exporter, is likely to cut its Official Selling Prices (OSP) for Asia next month in response to the weakness of Dubai’s Middle East benchmark and uncertainty in demand amid a new wave of coronavirus in the region, according to a Reuters poll. …
“The June OSP for flagship Arab Light will drop an average of 28 cents per barrel, the first price cut for a producer since last December.”
“(More importantly) how sales will develop in the first week of May. Basis for the ad to be accepted for the (raw) nomination. “
“Margins for refining gasoline, gas oil, jet fuel and 0.5% very low sulfur fuel oil (VLSFO) in Asia rose in April, while the naphtha crack narrowed.”
US crude is resilient to news of a potential drop in June crude oil prices in Asia, as WTI crude hit a new two-month high of $ 66.52 in the last hour.