Saudi Aramco Raises U.S. Crude Pricing Before Driving Season
- Arab Light crude discount to Asia cut 10 cents a barrel
- Summer driving season in U.S. starts in May with Memorial Day
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Saudi Arabia, the world’s largest crude exporter, raised pricing for all May sales to the U.S., before the start of the driving season which usually perks up gasoline demand.
State-run Saudi Arabian Oil Co. increased its official selling price for May Light, Medium and Heavy sales to U.S. buyers by 40 cents a barrel, the company said in an e-mailed statement Tuesday. Extra Light crude will sell at a premium of $2.60 a barrel to the regional benchmark, 75 cents higher than the differential in April. For the U.S., the benchmark is the Argus Sour Crude Index.