Saudi Arabia Cuts June Oil Prices by Less Than Expected as Hormuz Risks Persist

Saudi Arabia has reduced the official selling price of its flagship crude loading for Asia in June from the May record high, but the price cut was less than expected. Next month’s supply from the world’s top crude exporter would still see the second-highest premium to benchmarks in history. Saudi oil giant Aramco has announced that its flagship Arab Light grade loading for Asia in June would be priced at $15.50 per barrel above the Oman/Dubai average, off which Middle Eastern producers price their crude going to Asia. That’s…