Saudi Arabia raised on Monday its light crude prices that it offers to Asia in January to the highest in six years, per Reuters.
“The rise in prices was mainly attributed to gains in the Middle East crude benchmark and higher margins for light distillates last month.
Tight supplies and increased demand for high-sulphur refining feedstock pushed the premium of the cash price for Middle East benchmark Dubai to swaps to the highest in six years in November.
In line with the gains, Saudi Aramco raised the January official selling price (OSP) for its Arab Light crude oil for Asian customers by 30 cents a barrel versus December to a premium of $3.70 per barrel to the Oman/Dubai average, the highest since January 2014.
The January OSP for Arab Extra Light sold to Asia was also raised to a six-year high after Aramco increased it by 70 cents to a premium of $5.80 a barrel.
For customers in Northwest Europe, Saudi Arabia reduced its January Arab Light OSP, setting it at a discount of $1.85 a barrel to ICE Brent, down $1.80 a barrel from December.”