Saudi Arabia Raises March Crude Prices to Asia

Saudi Arabia Raises March Crude Prices to Asia

Saudi Aramco has raised prices for all crude grades it sells to Asia in March from February, in line with market expectations.

The world's top oil exporter increased its March price for its Arab Light crude grade for Asian customers by 60 cents a barrel versus February to a premium of $2.80 a barrel to the Oman/Dubai average, Aramco said on Saturday.

March Arab Light crude to the United States was raised by 30 cents a barrel versus February to a premium of $2.45 a barrel versus ASCI (Argus Sour Crude Index).

Prices to Northwestern Europe for the same grade were set at a discount of 10 cents a barrel versus ICE Brent, an increase of $1.70 a barrel compared to February.

The producer had been expected to raise the March price for the flagship grade to Asia by 60 cents a barrel, according to a Reuters survey of seven refining sources in late January.

The price hikes reflected firm demand in Asia and stronger margins for gasoil and jet fuel.

Abu Dhabi National Oil Co. set the March official selling price for its flagship Murban crude oil at $85.11/b, from $74.36/b for the February OSP, the company said in a Feb. pricing letter.

Oil prices surged