Saudi To Customers: Want More Crude? Pay More For It!

*Saudi Arabia has hiked all of its OSPs for June-loading cargoes, with those for heavier grades hiked the most, some to the highest level in well over 10 years.

*This comes as the end of ‘waivers’ on US sanctions on buying of Iranian crude is set to see exports slump from this month ( MEES, 10 May ). Saudi Arabia has been a key backer of US president Trump’s hardball stance on Iran.

*Trump in turn has called on Saudi Arabia to produce more crude. Saudi Arabia has said it is more than willing to make up any shortfall, as has the UAE, the key Saudi ally in Opec, just not yet. Saudi energy officials say that their current analysis of crude markets indicates that supply remains adequate (MEES, 3 May). (CONTINUED - 730 WORDS)

DATA INSIDE THIS ARTICLE

table Crude Official Selling Prices ($/B): Saudi Hikes Prices To Multi-Year Highs