Saudi Arabia Raises Arab Light Prices For Asia

Saudi Arabia has raised the official selling price (OSP) for Arab light for Asia by $0.45/bbl m/m to $3.00/bbl for July, following the June 4 announcement that OPEC+ would extend production cuts until 2024, with the Saudis reducing output by 1 million bpd in July. Saudi Arabia has set its July Arab Light Crude Oil OSP to Northwest Europe at +$3.00/bbl to the Ice Brent Settlement, with July Arab Light Crude Oil OSP to the U.S. at +$7.15/bbl versus the ASCI.  On Sunday, the OPEC+ producers decided to keep the current cuts until the end of 2024,…