Abu Dhabi and Oman Cut Prices for June

Abu Dhabi and Oman have notified their term contract customers of price decreases ranging between $1.15/B and $1.40/B for crude oil deliveries during June. The two countries currently make monthly price assessments which are fixed retrospectively on the basis of actual spot crude prices during the month in question.

Buyers of Abu Dhabi crude are happy about the narrowing of the Murban/Oman price differential from 50 cents in May to 30 cents...