PHOTO
Image used for illustrative purpose. An Aramco oil tank is seen at the Production facility at Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabia May 22, 2018.
Saudi Aramco and Algeria's Sonatrach have cut May's official selling prices for liquefied petroleum gas by 0.8-10.9% from the previous month due to rising global supply, traders said on Monday.
Aramco's May OSP for propane was cut by $5 to $610 a metric ton while butane prices were dropped by $15 to $590 a ton , the traders said.
Propane and butane are types of LPG with different boiling points.
LPG is used mainly as fuel for cars and heating as well as a feedstock for other petrochemicals.
Sonatrach cut its May OSP for propane by $60 to $490 a ton and for butane by $55 to $490 a ton , traders said.
Aramco's OSPs are used as a reference for contracts to supply LPG from the Middle East to the Asia-Pacific region.
Sonatrach's OSPs are used as benchmarks for the Mediterranean and Black Sea region, including Turkey.
(Reporting by Reuters; Editing by Kirsten Donovan)