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Saudis Raise Oil Pricing for Asia by Most Since April Last Year

  • Arab Light crude set at 25-cent premium to Oman and Dubai
  • That's the strongest differential for grade since September
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Photographer: Marwan Naamani/AFP via Getty Images
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Saudi Arabia raised its pricing for June oil sales to Asia by the most since April 2015, a sign that the world’s biggest crude exporter expects demand to recover as the global market rebalances.

State-owned Saudi Arabian Oil Co. increased its official selling price for Arab Light crude to Asia by $1.10 a barrel to 25 cents more than regional benchmarks Oman and Dubai, according to a statement. The company, known as Saudi Aramco, was predicted to raise the grade by 65 cents a barrel, according to the median estimate in a Bloomberg survey of five refiners and traders.