Saudi Aramco released its June official selling prices (OSP) on 7 June, significantly easing previously record-breaking discounts to benchmarks in most of its main markets. The move seemingly spells an end to the kingdom’s aggressive efforts to secure market share at the expense of rival producers that it embarked on after the collapse of the 6 March Opec+ meeting (MEES, 13 March).
Saudi crude exports soared from 7.28mn b/d in February to record highs of nearly 10mn b/d in April – MEES put April volumes at 9.7mn b/d, while data intelligence firm Kpler was slightly lower on 9.6mn b/d – as buyers snapped up as much heavily-discounted crude as Aramco could supply. (CONTINUED - 491 WORDS)
