Saudi Aramco is expected to keep the April selling price of Arab Light crude to customers in Asia unchanged, according to a Bloomberg survey.
If these expectations are correct, the premium of Arab crude will remain above the average price of Dubai and Oman crude at $1.5 per barrel for the third month in a row, according to estimates.
Three of the survey participants expected prices to remain stable, while one participant expected an increase of 5 cents per barrel.
The state oil giant cut its official selling price (OSP) for February shipments by the biggest in 13 months, to a 27-month low, amid intensifying competition with other suppliers.
In March, the company also slightly reduced the prices of Arab Extra Light and Arab Medium crude oil shipments to Asia, while keeping the price of Arab Heavy crude unchanged.
As for other regions, Aramco did not adjust the official selling prices in March for shipments to northwest Europe, but it reduced the price of Arab Light crude to the United States by 30 cents per barrel.
The March price came in below market expectations at the time, that Saudi Arabia would raise the official selling price by about 55 cents a barrel, after the market improved and fears of a supply shortage due to the escalating conflict in the Middle East receded.
