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Bloomberg
Saudi Arabia, the world’s largest oil exporter, raised pricing on key crude grades for buyers in Asia to the highest since 2014 as demand builds in the country’s biggest market amid threats to rival suppliers.
State-owned Saudi Arabian Oil Co. raised its official selling price for Arab Light crude for July shipment to Asia by 20 cents to $2.10 a barrel more than the Middle East benchmark, the company said in an emailed statement. The company’s third consecutive increase in the grade brings it to the highest since July 2014.
The producer, known as Saudi Aramco, increased the premium by less than the 34 cent rise expected by six traders in a Bloomberg survey.
Aramco’s Extra Light and Medium grades will also sell to Asia at the widest premiums since 2014, while Heavy crude is at the highest level since 2012, according to data compiled by Bloomberg.