The Strategist

Saudi Aramco maximises oil prices for Asia and the US

03/09/2021 - 03:54

Saudi Arabia's state-owned oil and gas company Saudi Aramco has raised April selling prices for all grades of oil for US and Asian customers, while prices have been cut for European customers, Bloomberg reported.

"Saudi Aramco raised prices for Arab Light crude for Asia ... by 40 cents a barrel, to $1.4 above the benchmark price," the agency wrote. 

The report also specified that oil prices for the USA had been increased, while for Europe, on the contrary, they were decreased by $1.7 a barrel.

At the same time, the agency notes that selling prices have been raised to the highest level since Saudi Arabia launched its price war. 

"This suggests that the Saudis expect demand to continue to rise after OPEC+ made a shocking decision on Thursday to keep oil output unchanged," the agency writes.

OPEC+ unexpectedly decided to maintain current oil production levels for all its countries as part of its March meeting. In the backdrop of OPEC+ decision oil prices jumped and previously surpassed the highs since January 8 at $71 per barrel for Brent and $65 per barrel for WTI. Brent is now up 0.78% to $69.9 a barrel, while WTI is up $0.73 a barrel to $66.54 a barrel.