Saudi Arabia May Boost Arab Light to Highest Since August 2009
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Saudi Arabian Oil Co., the world’s biggest crude exporter, may raise the official selling prices of all of its January-loading supplies to Asia as a surge in processing profits boosts demand for crude.
Arab Light, Saudi Arabia’s largest export type, may be increased by 78 cents from December, according to the median of six responses from officials in a Bloomberg News survey of regional refiners. That would put the price at a premium of $1.15 a barrel to the average of Persian Gulf benchmarks Oman and Dubai, the highest since August 2009. Arab Extra Light may be raised by 78 cents, said the officials, who asked to remain unidentified, citing company policy. That would set the level at a $1.25 premium to the benchmarks, the most since June.