Bijie News: Saudi Aramco has officially cut the June selling price of Arab Light light crude oil shipped to Asia by $4 per barrel, bringing it to a premium of $15.50 over the regional benchmark. The reduction is smaller than market expectations of an $8 per barrel decrease. In May, this price hit a record high. Even after the cut, the June premium remains the second-highest in history. Due to the near closure of the Strait of Hormuz, export routes for oil-producing countries in the Gulf are severely disrupted. Saudi Arabia is one of the few countries still able to export crude oil via pipelines that extend from the Red Sea to the port of Yanbu. Traders noted that Saudi Aramco’s official selling prices mainly target crude oil loaded at the Ras Tanura port in the Persian Gulf, and that supplying from Yanbu port may require additional costs.