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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