Saudi Arabia cuts prices for all crude grades to Asia in April

Saudi Arabian Oil Co. (Saudi Aramco), the world’s largest oil exporter, has cut the official selling price for its Arab Light crude oil grade for Asian customers by 55 cents for April to a premium of $1.10 a barrel to the average of Oman and Dubai quotes, Reuters has reported.

The world's oil giant also slashed the official selling prices for other grades that it sells to Asia for April loading.

Aramco also reduced its Arab Light official selling price (OSP) to Northwest Europe by $1.40 for April from the previous month at a discount of $3.15 a barrel to ICE Brent.

The price of Arab Light for April shipments to the US was set at a premium of $0.70 a barrel to the Argus Sour Crude Index (ASCI), down 20 cents a barrel from the previous month.

Saudi crude OSPs set the trend for Iranian, Kuwaiti and Iraqi prices, affecting more than 12 million barrels per day (bpd) of crude bound for Asia, the news agency said.

Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on revenue and product prices.