RIYADH: Saudi Aramco has slashed July’s official selling price for the flagship Arab Light crude it sells to Asia, according to an official statement.

Differentials for the flagship Arab Light grade were priced at Platts Dubai/DME Oman +$2.40 per barrel, down from +$2.90 a barrel in June.

This is the first price cut in five months, data issued by the oil company showed. 

Arab Medium was also lowered to +$1.95 per barrel from +$2.35/b in June, while price for Arab Heavy was cut to +$1.20/b, a decline of 40 cents from the previous month.

For Northwest Europe, the Arab Light OSP was set +$3.10 per barrel over ICE Brent futures, up from +$2.10/b while Medium was hiked from +$1.30/b to +$2.30/b. 

Arab Light for July to the US Gulf was kept unchanged at +$4.75 per barrel over ASCI, while prices for both Medium and Heavy were also maintained at +$5.45/b.