bloomberg.com
Saudi state oil company Saudi Aramco has raised the price of its oil for refiners in Asia, the U.S. and Europe, informed sources told Bloomberg. Arab Light crude will be delivered to the company's key Asian market in March at $0.6-2.8 a barrel more expensive than in February. For other grades of Middle East oil prices rose from $0.4 to $0.7 a barrel for Asian countries. Prices for the US market rose $0.3 per barrel.
Saudi Aramco is the world's largest oil exporter, more than 60% of its supplies come from Asia. The company's pricing decisions often set the tone for other oil producers in the Middle East, the agency said.
Aramco's decision to raise prices came days after OPEC+ countries announced a 400,000 bpd increase in daily crude production in March. But many analysts doubt OPEC+, led by Saudi Arabia and Russia, will be able to add that volume to the market because of supply build-up problems among some members, Bloomberg noted.
source: bloomberg.com
Saudi Aramco is the world's largest oil exporter, more than 60% of its supplies come from Asia. The company's pricing decisions often set the tone for other oil producers in the Middle East, the agency said.
Aramco's decision to raise prices came days after OPEC+ countries announced a 400,000 bpd increase in daily crude production in March. But many analysts doubt OPEC+, led by Saudi Arabia and Russia, will be able to add that volume to the market because of supply build-up problems among some members, Bloomberg noted.
source: bloomberg.com
