Malaysia cuts June crude oil official selling prices

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SINGAPORE (July 2): Malaysia has cut the official selling price of a basket of June-loading Malaysian crude oil grades to US$78.23 a barrel, Petronas said in a document reviewed by Reuters on Monday.

* The June price for the basket of Malaysian crude oil, which includes Labuan, Miri Light, Kikeh and Kimanis Blend, fell by US$2.50 per barrel
    
* Petronas sets the benchmark based on spot differentials to dated Brent for the four grades

* The Malaysian crude benchmark mechanism was launched in January

2014 and updated to include the Kimanis crude grade starting January 2017

 Here are the OSPs for the Malaysian grades:

 PETRONAS 2018 TERM PRICES (INCLUDES "P" ADJUSTMENT)
 CRUDE      JUNE   MAY
 LABUAN     78.23  80.73
 MIRI       78.23  80.73
 KIKEH      78.23  80.73
 KIMANIS    78.23  80.73
 TAPIS      76.83  79.33
 DULANG     77.83  80.33
 BINTULU    76.83  79.33