Saudi Arabia Cuts Oil Prices for June From Record-High Premium

Saudi Arabia cut the price of its main oil grade for Asia next month from a record-high in May, though it remained near historic levels as the war in the Middle East continues to severely disrupt supplies.

State oil producer Saudi Aramco lowered its flagship Arab Light crude by $4 a barrel to a premium of $15.50 over regional benchmarks in June, according to a price list seen by Bloomberg. The company was expected to lower the official selling price by $8 a barrel, according to a Bloomberg survey of nine traders and refiners.