Top oil exporter Saudi Arabia may cut prices for most of the crude grades it sells to Asia in May to track weak demand in the region, trade sources said on Friday. The producer could cut the official selling price (OSP) for flagship Arab Light crude by 10-40 cents a barrel in May from a month ago, a Reuters survey of four refiners in Asia showed. “I’m seeing price reductions across the board,” one of the survey respondents said. Crude supplies in Asia remained abundant despite production cuts by the Organization of the Petroleum Exporting Countries and other suppliers as several Asian refiners are shut for seasonal maintenance. The Middle East supply cuts and increasing U.S. shale output have made it economical for traders to send huge volumes of oil from west to east, reducing buyers’ appetite for spot Middle East crude. “The spot market is weak. Almost every […]