In a move anticipated by industry insiders, Saudi Arabia, the leading oil exporter, has announced a slight increase in the official selling price (OSP) for its renowned Arab Light crude destined for Asia in April. According to sources within the trading sector, Saudi Aramco has set the OSP for April-loading Arab Light crude to Asia at $1.70 per barrel over the Oman/Dubai average. This figure represents a modest uptick from the previous month’s OSP of $1.50 per barrel.
Market analysts had predicted that Saudi Arabia would maintain the OSP of its flagship Arab Light crude to Asia at current levels or make a marginal adjustment of 10-20 cents per barrel for April. The actual increase aligns closely with these projections.
Conversely, April OSPs for shipments to northwest Europe experienced a decrease of 60 to 70 cents per barrel. Meanwhile, the OSPs for crude oil headed to the United States remained relatively stable with minimal changes.