Saudi Arabia raises oil prices as crude soars on Ukraine war
Saudi Arabia's state oil producer Aramco raised its April official selling price (OSP) for all crude grades it sells to Asia in line with market expectations.
The world's top oil exporter raised its April OSP to Asia for its flagship Arab Light crude to $4.95 a barrel versus Oman/Dubai crude, up $2.15 from March, the company said on Friday.
The world's top oil exporter set the Arab Light OSP to Northwestern Europe at plus $1.60 per barrel versus ICE Brent, an increase of $1.70 compared to March and to the United States at plus $3.45/barrel over ASCI (Argus Sour Crude Index), an increase of $1 over the previous month.
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The producer had been expected to sharply raise the April prices for Asia as global supplies tighten over financing and shipping issues from sanctions on Russia.
Saudi term crude supplies to Asia are priced as a differential to the Oman/Dubai average:
APRIL MARCH CHANGE
SUPER LIGHT +8.15 +5.45 +2.70
EXTRA LIGHT +5.90 +3.60 +2.30
LIGHT +4.95 +2.80 +2.15
MEDIUM +4.90 +2.75 +2.15
HEAVY +3.55 +1.40 +2.15
UNITED STATES (versus ASCI)
APRIL MARCH CHANGE
EXTRA LIGHT +4.80 +3.80 +1.00
LIGHT +3.45 +2.45 +1.00
MEDIUM +2.75 +1.75 +1.00
HEAVY +2.30 +1.30 +1.00
Prices at Ras Tanura destined for Northwest Europe are setagainst ICE Brent:
NW EUROPE
APRIL MARCH CHANGE
EXTRA LIGHT +4.30 +2.20 +2.10
LIGHT +1.60 -0.10 +1.70
MEDIUM +0.50 -0.90 +1.40
HEAVY -1.40 -2.60 +1.20
Prices at Ras Tanura for Saudi oil destined for the Mediterranean are set against ICE Brent:
MEDITERRANEAN
APRIL MARCH CHANGE
EXTRA LIGHT +4.00 +2.30 +1.70
LIGHT +1.90 0.00 +1.90
MEDIUM +0.80 -1.10 +1.90
HEAVY -0.60 -2.60 +2.00
