SINGAPORE: Saudi Arabia is set to supply more crude to oil-starved Asian refiners, and extract a heavy price for it. State-run producer Saudi Aramco will sell additional cargoes to customers in the world’s biggest oil-consuming region for June loading, according to people with knowledge of the matter. Aramco raised its official selling price for June cargoes of its flagship Arab Light crude to the biggest premium to Middle East benchmark prices in 11 months. The higher costs aren’t expected to deter Asian buyers, who had earlier this month asked OPEC’s biggest producer for additional supplies even before the kingdom set its pricing for June cargoes. The press office for Aramco, known officially as Saudi Arabian Oil Co., couldn’t immediately comment.

Source: Mint May 07, 2019 10:41 UTC