Saudi Arabia increased oil prices for Asia

Almaty. May 6. Silkroadnews – Saudi Arabia has increased its oil prices on June delivery for Asian customers, RBC reports with reference to the Financial Times.

It is noted that such increase became the highest for the largest exporter’s products in the region for 14 months and serves as a growing demand sign.

The statement by Aramco says the official selling price for Light Arab rises by $1.10/barrel for buyers from Asia – the largest market for crude oil, that accounts for more than a half of Saudi exports.

Last time the market observed such significant price increase was last year, when April price of Saudi oil rose by $1.40. Light Arab for north-western Europe raises by $0.15 since June.

In April, according to Bloomberg, oil production in Saudi Arabia amounted to 10.27 million barrels a day.
The senior analyst at the consulting company KBC Energy Economics Ehsan Ul-Haq says “the refiners are expected to recover their consumption”. He explained that the goods shipped in June will be delivered to Asia in July, when demand will begin growing after the seasonal maintenance works are completed at the refineries.