In a bid to defend its Asian market share amid OPEC’s production cuts, Saudi Arabia is lowering yet again the official selling prices (OSPs) for the crude grades it sells to Asia in June, while pricing for all other regions was raised. Saudi Aramco, the state oil giant, has cut the OSP for its flagship Arab Light crude bound for Asia for June by US$0.40 to an US$0.85-discount to the regional benchmark, Oman/Dubai average, Bloomberg reported on Monday, citing an emailed statement by Aramco. The Saudi oil company is also cutting the pricing of all its crude varieties for Asia for June, including Super Light, Extra Light, Medium, and Heavy, Reuters reports. The biggest change in June over May is for the Super Light, whose OSP was lowered by US$0.70, while the Heavy crude price for Asia was reduced by the smallest amount, US$0.20, according to Reuters figures. A […]