Saudi Arabia's state oil producer Aramco raised the April official selling prices (OSPs) for crude it sells to Asia by more than $2 a barrel, with some grades hitting all-time highs, as global markets struggled with Russian oil disruption.
March 7 - Saudi Arabia's state oil producer Aramco
raised the April official selling prices for crude it sells to Asia by more than $2 a barrel, with some grades hitting all-time highs, as global markets struggled with Russian oil disruption. Record Saudi crude prices come on the back of an expected rise in Middle East oil demand as surging spot premiums and freight rates put supplies from Europe, Africa and the Americas out of Asia's reach.Global oil prices have soared to their highest since 2008, adding to inflation concerns, as the United States and the European explore banning imports of Russian oil in the wake of Moscow's invasion of Ukraine. Russia calls its actions in Ukraine a "special operation".
The spot premium for Murban crude futures to Dubai quotes hit a record of nearly $18 a barrel last week while premiums for other benchmark grades such as DME Oman and Dubai were at all-time highs of $15 a barrel. Separately, Saudi Aramco set the Arab Light OSP to Northwestern Europe at plus $1.60 per barrel versus ICE Brent, an increase of $1.70 compared with March and to the United States at plus $3.45 per barrel over ASCI , an increase of $1 over the previous month.APRIL MARCH CHANGE
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