Saudi Arabia increases premiums for crude exports to Asia
16:53, 6 October 2011
LONDON. October 6. KAZINFORM Saudi Arabian Oil Co., the world's largest crude exporter, set prices for two grades of crude to be sold to Asia at the highest premiums in at least 11 years and cut other for the U.S., Europe and the Mediterranean.
Accoridng to Bloomberg, the state-owned producer, known as Saudi Aramco, increased the pricing formula for its Arab Light crude to Asia by $1.05 a barrel to $2.70 a barrel above the average price assessment for Oman and Dubai grades, it said in an e-mailed statement yesterday. That is the highest premium in Bloomberg records going back to June 2000. Oman and Dubai assessments published by Platts are used as pricing benchmarks for Middle Eastern oil.
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