DUBAI, April 5 (Reuters) - Saudi Arabia cut the May official selling prices (OSP) for its light crude oil for Asian customers, in line with expectations, but raised the price for oil sales to the United States where crude stockpiles are at a record high.
State oil giant Saudi Aramco cut the price of its Arab Light by 30 cents per barrel versus April to a discount of $0.45 a barrel to the Oman/Dubai average, it said on Wednesday.
A Reuters survey of four refiners in Asia expected the producer to cut the OSP for flagship Arab Light crude by 10-40 cents a barrel in May from a month ago.
Aramco lowered the price of Arab Light to Northwest Europe by $0.45 a barrel to a discount of $4.35 per barrel to the Brent Weighted Average (BWAVE).
But it raised the price of Arab Light to the United States by $0.30 a barrel to a premium of $0.50 per barrel to the Argus Sour Crude Index (ASCI).
The move comes after a buildup in U.S. crude inventories in recent weeks that has weighed on the market.
Total U.S. crude inventories were at a record of nearly 534 million barrels, the Energy Information Administration (EIA) said on March 29.
Aramco plans to change the way it prices oil for Europe from July, industry sources told Reuters on Tuesday, in an effort to increase the appeal of Saudi crude by making it easier for customers to hedge.
(Reporting by Reem Shamseddine and Roslan Khasawneh; editing by Rania El Gamal and Susan Fenton) ((Reem.Shamseddine@thomsonreuters.com; +966503335202; Reuters Messaging: reem.shamseddine.thomsonreuters.com@reuters.net))
State oil giant Saudi Aramco cut the price of its Arab Light by 30 cents per barrel versus April to a discount of $0.45 a barrel to the Oman/Dubai average, it said on Wednesday.
A Reuters survey of four refiners in Asia expected the producer to cut the OSP for flagship Arab Light crude by 10-40 cents a barrel in May from a month ago.
Aramco lowered the price of Arab Light to Northwest Europe by $0.45 a barrel to a discount of $4.35 per barrel to the Brent Weighted Average (BWAVE).
But it raised the price of Arab Light to the United States by $0.30 a barrel to a premium of $0.50 per barrel to the Argus Sour Crude Index (ASCI).
The move comes after a buildup in U.S. crude inventories in recent weeks that has weighed on the market.
Total U.S. crude inventories were at a record of nearly 534 million barrels, the Energy Information Administration (EIA) said on March 29.
Aramco plans to change the way it prices oil for Europe from July, industry sources told Reuters on Tuesday, in an effort to increase the appeal of Saudi crude by making it easier for customers to hedge.
(Reporting by Reem Shamseddine and Roslan Khasawneh; editing by Rania El Gamal and Susan Fenton) ((Reem.Shamseddine@thomsonreuters.com; +966503335202; Reuters Messaging: reem.shamseddine.thomsonreuters.com@reuters.net))
