Saudi Arabia has cut the official selling price (OSP) for its Arab Light crude oil to Asia, sources said on Thursday. That makes the Arab Light grade price a premium of $2.55 per barrel compared to the Oman/Dubai average. The cut, to go into effect next month, represents a $0.25 per barrel cut month over month. Saudi Arabia’s June OSP for the United States $6.25 per barrel premium vs ASCI, with prices to NW Europe set at a $2.10 per barrel premium to ICE Brent. The move shows an expected weakness in Asian demand for Middle Eastern crude oil.…
