Top oil exporter Saudi Arabia is expected to cut the price of its flagship Arab Light by 40-50 cents a barrel in June to the lowest in nine months, a survey of Asian refiners showed. Official selling prices (OSPs) are expected to fall across the board for Saudi crudes sold to Asia in June, after a fall in the Middle East benchmark Dubai crude due to ample oil supplies, the survey of five refiners found. “We expect Saudi OSPs to fall as the spot market has collapsed amid oversupply,” an analyst with a North Asian refiner said, adding that the June Arab Light OSP will drop by at least 50 cents a barrel. Reflecting weak demand, the spread for first and third month cash Dubai prices widened in contango in April from […]