Saudi Arabia Raises Light Crude Price for Asia

Saudi Aramco has raised the official selling price for April for all grades of crude it sells to Asia in line with market expectations. The company announced on Friday that it has raised the official selling price of Arab Light crude for April to Asia to $4.95 per barrel above the average of Oman/Dubai crude, up from $2.15 in March. Saudi Arabia also set the official selling price of Arab Light crude to Northwest Europe at an increase of $1.60 over the Brent price, representing a $1.70 increase compared to March. For the United States, the price was set at $3.45 above the Argus index, reflecting a $1 increase from the previous month, according to Reuters. It was expected that Saudi Arabia would sharply raise April prices for Asia amid tighter global supplies due to financing and shipping issues stemming from sanctions imposed on Russia.