Saudi Arabia Significantly Raises Crude Prices To Key Market Asia

Saudi Aramco has lifted its price to Asia for its flagship crude oil grade, Arab Light, to $4.95 a barrel premium over Oman/Dubai crude, off which Middle Eastern producers price their oil going to Asia, the oil company said on Friday. It is the largest differential for Arab Light ever and a daring move for the world’s largest crude oil exporter. The increase in price for Arab Light to Asia next month is a staggering $2.15 per barrel. Aramco also raised the OSP of Arab Light to Europe and the United States, at premiums to $1.60 per barrel…