Saudi Arabian Oil Co raised differentials used to determine official selling prices for June shipments from Egypt's Sidi Kerir port on the Mediterranean Sea, two people familiar with the pricing decision said.
The state-owned producer, known as Saudi Aramco, narrowed the discount on its Arab Light crude by 75 cents a barrel, to $1.75 (Dh6.42) less than the Brent weighted average posted by Intercontinental Exchange Inc, according to the people, who asked not to be identified because the information isn't public.
Arab Extra Light was set at a 65 cent premium to the benchmark, a 20 cent increase from the May price formula, the people said.
Aramco, the world's largest crude exporter, yesterday said it was raising differentials used to determine the June prices for all grades to be shipped to customers in the US, northwest Europe and the Mediterranean and cutting those to Asia.
Meanwhile, Kuwait's national oil company has walked away from takeover talks with North Sea-focused oil and gas explorer Ithaca Energy, a Kuwaiti daily reported yesterday.
Kuwait Foreign Petroleum Exploration, was not immediately available for comment on the report in the Al Seyassah newspaper.