NEW YORK: Saudi Aramco has raised the price of its main crude oil grade for May deliveries to Asia to a record high, $19.5 per barrel higher...
NEW YORK: Saudi Aramco has raised the price of its main crude oil grade for May deliveries to Asia to a record high, $19.5 per barrel higher than the regional benchmark, Bloomberg reported, citing a source.
This refers to the flagship Arab Light grade, according to the source. Its price for Asian buyers in May will be $19.50 per barrel above the regional benchmark. That said, traders surveyed by Bloomberg had expected an even larger increase of around $40.
The price rise comes amid escalating tensions around the Strait of Hormuz, through which a significant portion of global oil supplies pass. Iran’s closure of the strait has led to a sharp decline in crude exports from the Persian Gulf, the agency noted.
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