Saudi Arabia, the leading global oil exporter, reduced crude oil prices for Asian customers in May to the lowest level in four months. This decision followed the recent move by the OPEC+ oil group to boost oil supply. Saudi Aramco, the state oil company, lowered the May official selling price for its Arab Light crude by $2.30 to $1.20 above the average of Oman and Dubai prices. Prices for other oil grades sold in Asia were also decreased by $2.30 per barrel. This marks the second consecutive month of price reductions by Aramco. The OPEC+ countries unexpectedly agreed to increase output by 411,000 barrels per day in May, leading to a decline in oil prices. The Arab Light price for Asia was projected to decrease by $1.80 to $2 based on a Reuters survey prior to this decision. The average spot premium of Dubai dropped to $1.38 per barrel in March from $3.33 per barrel in February due to increased Russian supply to Asia since March. Saudi Arabia's term crude supplies to Asia are priced as a differential to the Oman/Dubai average.