Oil & Gas UAE and Saudi Arabia cut prices of flagship crude By Reuters March 10, 2025, 7:58 AM Aramco Aramco rigs in the Hasbah field. The state-owned company has cut the official selling price by 40 cents State-owned oil companies in the UAE and Saudi Arabia have lowered their benchmark crude oil prices. Saudi Aramco, the world’s top oil exporter, lowered crude oil prices for Asian buyers in April for the first time in three months, in line with market expectations and after Opec+ agreed to gradually increase supply in the same month. Aramco cut the April official selling price (OSP) for flagship Arab Light crude by 40 cents to $3.50 a barrel above the average of Oman and Dubai prices, a pricing document from the producer showed. In the previous month Arab Light’s OSP hit its highest in more than a year at $3.90 above the Oman and Dubai average after harsher US sanctions on Russian oil disrupted global trade and caused oil prices and freight rates to spike. The company also lowered April prices for other grades it sells to Asia. The cut in Arab Light price for Asia was in line with the 20 to 65 cents cut forecast in a Reuters poll. Oil prices fall as Opec+ to proceed with output rise Aramco slashes blue ammonia output to reduce costs Adnoc Gas to supply LNG to Osaka Meanwhile, Adnoc set the April OSP of its benchmark Murban crude at $77.62 a barrel, down from March’s OSP of $80.22. Opec+, which pumps about half the world’s oil, decided last week to proceed with a planned April oil output increase of 138,000 barrels per day, the group’s first since 2022. Meanwhile, Russian and Iranian oil supply to top importer China is rebounding in March as non-sanctioned tankers are drawn by lucrative payoffs, easing supply concerns.
