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, a pricing document showed on Saturday.
The producer had been expected to raise the March price for the flagship grade 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.
Saudi term crude supplies to Asia are priced as a differential to the Oman/Dubai average:
MARCH FEB CHANGE
SUPER LIGHT 5.45 5.15 0.30
EXTRA LIGHT 3.60 3.20 0.40
LIGHT 2.80 2.20 0.60
MEDIUM 2.75 2.05 0.70
HEAVY 1.40 0.70 0.70
Reporting by Florence Tan; Editing by Himani Sarkar and Jane Wardell