Investing.com – Saudi Arabia on Wednesday (5th) raised the price of oil it will sell to all customers in Asia in May, which is the third month that the kingdom has raised prices.
Among them, Saudi Arabian state oil company Saudi Aramco ( Saudi Aramco ) (TADAWUL:) raised the official selling price (OSP) of Arab Light crude oil sold in Asia by 30 cents a barrel, equivalent to a premium of $2.80 a barrel over the Oman/Dubai benchmark quote. At the same time, in May, Aramco also raised the prices of Arab Medium and Arab Heavy, which are destined for Asia and have higher sulfur content, by 30 cents and 50 cents respectively.
In addition to Asia, Aramco will also increase the OSP sold to the United States by 10 cents, but maintain the OSP in Northwest Europe and the Mediterranean region.
It is noteworthy that about 60% of Aramco’s crude oil is shipped to Asia, most of which are exported under long-term contracts, and the pricing is reviewed every month. China, Japan, South Korea, and India are the top buyers.
After OPEC+ unexpectedly announced production cuts, international oil prices soared 8.4% this week, the largest increase in a year. Moreover, major Wall Street investment institutions have also raised their oil price expectations. Among them, Goldman Sachs expects that oil prices will soon return to the level of US$100 per barrel.
As of press time, it is currently down 0.91% at $79.88/barrel; at the same time, it is currently down 0.84% at $84.26/barrel.
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(Editor: Li Shanwen)