Saudi Aramco Boosts Oil Prices to Asia as Mideast Crude Soars
By , Alex Longley, and Sherry Su
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Saudi Arabia hiked the price of its flagship crude to Asia by the most in more than two years as the kingdom responds to surging premiums for Middle Eastern crude and improving refinery margins.
State producer Saudi Aramco raised the price for its Arab Light oil to Asia for March by $2.40 a barrel, according to a price list seen by Bloomberg. That's the biggest increase since August 2022. The gain is larger than the $2 hike expected by traders and refiners surveyed by Bloomberg following significant swings in Middle Eastern crude prices in January.
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