Top oil exporter Saudi Arabia may further slash the official selling prices (OSPs) for all crude grades to Asia in July, a Reuters poll showed, despite the looming OPEC+ meeting that could leave the door open to further output reduction.
State oil giant Saudi Aramco may cut the price for its flagship Arab Light crude by about $1 a barrel in July, according to seven respondents surveyed by Reuters.
Profits at a typical Singapore refinery processing Dubai crude recovered to an average of $4.27 a barrel in May, from 81 cents a barrel last month, but still far below $10.42 a barrel in January. The respondents that Reuters surveyed did not expect OPEC+ to further trim production even though Saudi's energy minister"The problem is not that there is too much oil in the market. The problem is that the prices are too high," said another respondent.from Saudi Aramco for June-loading cargoes due to high OSPs.
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