Saudi Aramco Hikes Official Selling Prices of Arab Crude

Saudi Aramco Hikes Official Selling Prices of Arab Crude

Saudi Aramco has increased Official Selling Prices (OSPs) for April-loading crude to Asia, Europe, and America largely in line with expectations of oil demand recovery during the second quarter of 2023.

For Aramco's key customer base in Asia, differentials for the flagship Arab Light grade were lifted to Platts Dubai/DME Oman +$2.50/b for loading next month.

Arab Light for April to the US was up +$6.65/b over ASCI (Argus Sour Crude Index).

This coincides with optimism in the oil markets about the increasing demand for oil from China, the biggest oil importer globally.

Brent and WTI notched their third biggest weekly percentage gains this year as strong Chinese economic data fed hopes for oil demand growth.

Brent crude futures traded at $85 a barrel. US West Texas Intermediate (WTI) crude futures settled at $80 a barrel. Both benchmarks posted their highest closing levels since Feb. 13.

The head of the International Energy Agency (IEA), Fatih Birol, told the French publication Liberation that "Russia has lost the energy battle."

Russia's position as a significant energy supplier has suffered a permanent setback following the West's abandonment of Moscow's oil and gas due to its war in Ukraine, according to the head of IEA.

He noted that Moscow's oil and gas