Aramco raises April Arab Light crude prices to Asia

Saudi Arabia’s oil producer Aramco raised its April official selling price (OSP) for all crude grades it sells to Asia in line with market expectations.

The world’s top oil exporter raised its April OSP to Asia for its flagship Arab Light crude to $4.95 a barrel versus Oman/Dubai crude, up $2.15 from March, the company said on Friday.

According Reuters, the world’s top oil exporter set the Arab Light OSP to Northwestern Europe at plus $1.60 per barrel versus ICE Brent, an increase of $1.70 compared to March and to the United States at plus $3.45 per barrel over ASCI (Argus Sour Crude Index), an increase of $1 over the previous month.

The producer had been expected to sharply raise the April prices for Asia as global supplies tighten over financing and shipping issues from sanctions on Russia.