Saturday, April 20, 2024

Saudi Arabia raises sales price of Arab light crude for global May delivery by Reuters


© Reuters. Oil tanks at the Aramco plant in Abkhazia, Saudi Arabia, in a photo taken from the Reuters archive.

(Reuters) – Saudi Arabia, the world’s largest oil exporter, has raised the price of its crude oil to all regions, with its price reaching its highest level in Asia, backed by Russia’s supply disruptions. .

Oil company Aramco raised its official selling price of Arabian lamps for May to 9.35 barrels higher than the Oman / Dubai average, which is the maximum premium for crude oil.

Asia saw the largest increase in the price of all quality crude oils, following northwestern Europe, the Mediterranean and the United States.

Saudi crude prices to Asia were recorded at a time when Western sanctions against the world’s largest crude and oil products exporters and buyers’ reluctance and oil exports from Russia affected the conflict in Ukraine. The International Energy Agency said in March that oil markets could lose up to 3 million barrels a day of Russian crude oil and refined products starting in April.

However, the $ 4.40 increase for a barrel of Arabian light crude for May delivery was slightly lower than the $ 5 increase expected in a Reuters survey. Traders said Saudi Aramco (SE) may have moderated price increases after raising more than expected in April.

The company has set the price of crude oil for northwestern Europe at $ 4.60 more than Brent.

(Produced by Suha Jato, Muhammad Farrak and Ali Kafaji for the Arab Bulletin)

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Nadia Barnett
Nadia Barnett
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