6 May 2025: 09:30 BST
Mercy from the Saudis! They hiked OSPs to Asia across grades by 20c/bbl – less than the monthly change in the Dubai structure would have implied. The Dubai physical premium averaged $1.645 in May trading, up 26c from the average during April trading, thus implying an OSP increase of around 25c. Given this context, the 20c hike looks rather kind! They need space in the market to place the extra 167 kb/d of Saudi supply coming in June!
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