Saudi Arabia Raises Oil Prices Sold to Asia for Three Consecutive Months in May after OPEC+ Production Cut

Saudi Arabia raised the official selling price (OSP) of all oil sold to Asia in May, a few days after the country unexpectedly led OPEC+ to cut production.

Saudi Aramco reportedly raised the selling price of its flagship Arabian Light crude oil exported to Asia by 30 cents a barrel, raising prices for the third straight month.

Traders expected Arabian Light to drop 43 cents a barrel ahead of OPEC+'s shock production cut decision.