Saudi Arabia will probably raise the price of its main oil grade to a record for next month’s shipments to Asia, according to a Bloomberg survey, as importers rush to secure supplies following Russia’s invasion of Ukraine.
State-controlled Saudi Aramco may increase the official selling price of Arab Light crude to Asia by $1.70 a barrel from March to $4.50 above the benchmark it uses, according to the median estimate of six refiners and traders. That would be the highest premium since Bloomberg started compiling data in 2000.
The company, which declined to comment to Bloomberg, usually announces its pricing decisions in the first week of each month. For the last several months, its moves have been roughly in line with Bloomberg’s surveys.
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