Saudi Cuts Oil by $2.30 as OPEC+ Boosts Supply Sharply

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Saudi Arabia prioritized market share over price stability by slashing May crude prices for Asia to four-month lows.

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For the first time in more than two years, the premium of Arab Light crude over Oman/Dubai fell by $2.30.

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The United States and Europe saw smaller price reductions, which was indicative of region-specific tactics.

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Forecasts were tripled when OPEC+ unexpectedly upped May output by 411,000 bpd.

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Due to poor demand signals and growing supply, Brent and WTI crude futures dropped by about 11%.

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Even though oil is free from tariffs, trade tensions have increased concerns about a worldwide recession.

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The competition for Saudi exports has increased since Russian crude has returned to Asian markets.

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Analysts caution that Saudi Arabia may revert to its market-share defense tactics from 2015–16.

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Future market movements depend on global demand, Asian buyer reactions, and OPEC+ compliance.

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