By Giulia PetroniTop oil exporter Saudi Arabia slightly raised the April price for its flagship Arab Light crude to Asian customers following OPEC+'s decision to extend oil-output cuts into the second quarter of the year. State-owned oil giant Saudi Arabian Oil Co., known as Aramco, set its April official selling price for Arab Light to Asia at $1.70 a barrel over the Oman/Dubai average, from $1.50 a barrel in March. Aramco also raised the April price for Arab Extra Light to Asian customers by $0.20 a barrel, and for both Arab Medium and Arab Heavy by $0.30 a barrel compared with the previous month. Markets thought that Aramco would keep prices to Asian customers unchanged, according to DNB Markets' Helge Andre Martinsen. Last month, Saudi Arabia kept the March price for Arab Light crude to Asia unchanged from the previous month at a more than two-year low, a move seen by market watchers as an effort to secure market share in the region.

Source: Wall Street Journal March 06, 2024 12:47 UTC