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Aramco Raises Arab Light Premiums; OPEC+ Boosts Output, UAE Exits

5/6/2026

33 7 Full Breakdown

Summary

Story summary

Saudi Aramco set the June Arab Light crude price to Asia at $15.50 above the Oman/Dubai average, lowered the Northwest Europe premium to $25.85 versus ICE Brent, and kept the North American premium at $14.60 to ASCI.
Seven OPEC+ countries raised June oil output targets by 188,000 bpd, a third consecutive monthly increase.
The United Arab Emirates quit OPEC and OPEC+ this month, dealing a blow to the Saudi-led groups.

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Story summary

Saudi Aramco set the June Arab Light crude price to Asia at $15.50 above the Oman/Dubai average, lowered the Northwest Europe premium to $25.85 versus ICE Brent, and kept the North American premium at $14.60 to ASCI.
Seven OPEC+ countries raised June oil output targets by 188,000 bpd, a third consecutive monthly increase.
The United Arab Emirates quit OPEC and OPEC+ this month, dealing a blow to the Saudi-led groups.