Saudi Arabia raised its official formula price differentials for crude exports to the Asia- Pacific region for the second month in a row, this time as a result of a stronger benchmark Dubai structure and continued robust refining margins in Asia. The increases for May loading cargoes are considered to be generally reasonable and within expectations, according to a number of Asian market sources. Moreover, the May increases by state-owned Saudi Aramco -- ranging from 20￠ per barrel to 80￠/bbl -- are significantly lower than last month when April formula prices were bumped up by $1.20/bbl to $1.40/bbl, sparking criticism from some market players (IOD Mar.5'15).
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