UPDATE 2-Saudi Arabia slightly raises June oil prices to Asia

-1.73%

SAUDI ARAMCO

2222.SA

23.90

-1.73%

June prices to Asia up by 20 cents from May, just above a four-year low

Rise is in line with expectations as Mideast benchmarks gain

June prices to other regions fall

OPEC+ to hike output for second consecutive month in June

International crude oil prices drop

Recasts with background, adds bullets and table

By Siyi Liu

May 5 (Reuters) - Saudi Arabia, the world's biggest oil exporter, on Monday slightly raised its crude oil prices for Asian buyers in June as expected, while keeping them close to a multi-year low, after OPEC+ decided to accelerate output hikes.

State oil company Saudi Aramco 2222.SE raised the June official selling price for its flagship Arab Light crude by 20 cents to $1.40 a barrel, above the average of Oman and Dubai prices, a pricing document from the producer showed.

The gain follows two consecutive decreases that took prices to the lowest in nearly four years, coinciding with an OPEC+ decision to agree a bigger-than-expected output hike for May, which will be followed by another increase of the same size in June.

News of Saturday's June output decision by OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies, such as Russia, helped to drive international crude prices lower on Monday. O/R

Asian refiners surveyed by Reuters had expected Arab Light for Asia to be increased by 10 to 30 cents, tracking the gains in benchmark prices last month.

The spot premium of Dubai averaged $1.66 per barrel in April, widening from $1.38 per barrel, the average in March. CRU/M

Aramco also raised June prices for other grades it sells to Asia by 20 cents per barrel.

By contrast, it lowered the prices to the United States, Europe and the Mediterranean.

The tables below show the full free-on-board prices for June in U.S. dollars.

Saudi term crude supplies to Asia are priced as a differential to the Oman/Dubai average:
	June	May	CHANGE
SUPER LIGHT	1.95	1.75	0.20
EXTRA LIGHT	1.20	1.00	0.20
LIGHT	1.40	1.20	0.20
MEDIUM	0.85	0.65	0.20
HEAVY	-0.30	-0.50	0.20

Prices at Ras Tanura destined for United States are set against ASCI:
	June	May	CHANGE
EXTRA LIGHT	5.65	5.85	-0.20
LIGHT	3.40	3.60	-0.20
MEDIUM	3.50	3.70	-0.20
HEAVY	3.05	3.25	-0.20

Prices at Ras Tanura destined for Northwest Europe are set against ICE Brent:
	June	May	CHANGE
EXTRA LIGHT	3.05	4.15	-1.10
LIGHT	1.45	2.55	-1.10
MEDIUM	0.65	1.75	-1.10
HEAVY	-1.75	-0.65	-1.10

Prices at Ras Tanura for Saudi oil destined for the Mediterranean are set against ICE Brent:
	June	May	CHANGE
EXTRA LIGHT	2.95	4.05	-1.10
LIGHT	1.25	2.35	-1.10
MEDIUM	0.65	1.75	-1.10
HEAVY	-2.05	-0.95	-1.10

(Reporting by Siyi Liu; Writing by Yousef Saba in Dubai and Anjana Anil in Bengaluru, Editing by Louise Heavens, Kirsten Donovan and Barbara Lewis)

((Anjana.Anil@thomsonreuters.com;))

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