Saudi Aramco has raised costs for all crude grades it sells to Asia in March from February, in step with market expectations.
The world’s high oil exporter elevated its March worth for its Arab Gentle crude grade for Asian clients by 60 cents a barrel versus February to a premium of $2.80 a barrel to the Oman/Dubai common, a pricing doc confirmed on Saturday.
The producer had been anticipated to lift the March worth for the flagship grade by 60 cents a barrel, based on a Reuters survey of seven refining sources in late January.
The worth hikes mirrored agency demand in Asia and stronger margins for gasoil and jet gasoline.
Saudi time period crude provides to Asia are priced as a differential to the Oman/Dubai common:
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; Enhancing by Himani Sarkar and Jane Wardell