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Saudi Aramco Said to Raise Arab Light Oil Price From Sidi Kerir

Saudi Arabian Oil Co., the world’s largest crude exporter, raised its April official selling prices for Arab Light grade from the Egyptian port of Sidi Keir while cutting Arab Heavy, two people with knowledge of the matter said.

Saudi Aramco, as the state-run company is known, raised the differential of Arab Light by 15 cents from March to a discount of 75 cents a barrel to the Brent weighted average, or BWAVE, posted by Intercontinental Exchange, said the people, who declined to be identified as the information is confidential. Arab Heavy was set at $4.45 a barrel less than the benchmark, down 25 cents from March.

Prices of all four crude grades from Sidi Kerir were 35 cents more expensive than those from Ras Tanura in the Persian Gulf for customers in the Mediterranean, they said.

Saudi Aramco raised prices for crude to Asia by as much as $3.40, while reducing most differentials to northwest Europe and the Mediterranean, the company said in an e-mailed statement yesterday.

The following table gives differentials for the four grades loading from Sidi Kerir in relation to BWAVE on a free-on-board basis, the month-on-month change and the degrees of gravity as defined by the American Petroleum Institute. Prices are in U.S. dollars a barrel.

*T Sidi Kerir ---------------------------------------------------------------- Variety API April March Change Arab Extra Light 38.5 +2.10 +1.65 +0.45 Arab Light 32.5 -0.75 -0.90 +0.15 Arab Medium 31 -2.25 -2.25 0.00 Arab Heavy 27 -4.45 -4.20 -0.25 ---------------------------------------------------------------- *T

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