Saudi Arabia raised its prices for Asian and European purchasers of its Arab Light crude, Reuters reports.
The official selling price (OSP) of Arab Light to Asian importers rose to a premium of $1.65 per barrel over Platts’ Oman-Dubai benchmark—up $0.40 from December’s price, according to the news agency.
Arab Light prices for Europe also rose. While it is still trading at a discount of $1.20 per barrel to the Brent crude index, the OSP climbed $0.60, the news agency reports.
Bucking the trend, Arab Light prices for the US fell $0.20 to a premium of $1.00 per barrel above the Argus Sour Crude Index (ASCI), according to Reuters.
Saudi Arabia plans to export 6.9 million barrels of crude per day, a source told Reuters.