Aramco Raises Asia Oil Pricing to 4-Year Highs on Demand
- Key Light, Medium crude grades at highest premiums since 2014
- Saudis see demand as Venezuela, Iran supply dwindles: Jakob
Photographer: Trevor Snapp/Bloomberg
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Saudi Arabia, the world’s largest oil exporter, raised pricing on key crude grades for buyers in Asia to the highest since 2014 as demand builds in the country’s biggest market amid threats to rival suppliers.
State-owned Saudi Arabian Oil Co. raised its official selling price for Arab Light crude for July shipment to Asia by 20 cents to $2.10 a barrel more than the Middle East benchmark, the company said Tuesday in an emailed statement. The company’s third consecutive increase in the grade brings it to the highest since July 2014. The producer, known as Saudi Aramco, increased the premium by less than the 34 cent rise expected by six traders in a Bloomberg survey.