Saudi Arabia raises April crude prices to Asia to all-time highs

Saudi Arabia hikes the April official selling prices (OSPs) for crude for its Asian buyers by more than $2 a barrel, with some grades hitting all-time highs, as global oil price soar amid escalating Russia-Ukraine crisis.

Key takeaways

“Record Saudi crude prices come on the back of an expected rise in Middle East oil demand as surging spot premiums and freight rates put supplies from Europe, Africa and the Americas out of Asia's reach.”

“The world's top oil exporter lifted its April OSP to Asia for its flagship Arab Light crude to $4.95 a barrel versus the average of DME Oman and Platts Dubai crude prices, up $2.15 from March, Saudi Aramco said late on Friday.”

“Saudi Aramco set the Arab Light OSP to Northwestern Europe at plus $1.60 per barrel versus ICE Brent, an increase of $1.70 compared with 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.”