Saudi Aramco has increased the price of crude exports to Asian buyers to their highest levels since 2014 amid rising demand for Saudi oil, Bloomberg reported.
Aramco raised its price for July shipments of Arab Light crude by 20 cents. This is the third consecutive price increase for the grade, bringing it to $2.10 more than the Middle East benchmark.
Aramco’s Extra Light and Medium grades are also being sold to Asia at the highest prices since 2014. Premiums on heavy crude shipments are at the highest level since 2012.
The increasing demand for Saudi crude comes as fellow OPEC members Venezuela and Iran face declining production rates and a dwindling market share. Venezuelan political and financial turmoil has seen the country’s output fall by around 1 million barrels per day, while the re-imposition of US sanctions threaten to disrupt Iran’s oil exports.