Saudi Aramco, Saudi Arabia’s state oil company, lifted oil pricing for Asian and US customers, and cut prices for European buyers.
The company cut its light crude prices by 35 cents a barrel to northwest Europe and by 10 cents a barrel to the Mediterranean. It increased light crude for US buyers by 10 cents a barrel and raised pricing by 35 cents a barrel for sales to Asia. Experts say this is due to the fact that Iran came back on the EU markets in February.
Saudi Aramco increased output prices for all Asian countries on all grades except Extra Light. According to Saudi Aramco chief executive Khalid al-Falih and the kingdom's energy minister, oil demand is stable and oil reserves in non-OPEC countries are decreasing. OPEC said that global oil demand is to advance by 1.2 million barrels a day.
Last month, Saudi Arabia raised oil pricing for Asia by most since April 2015. Then their Arab Light was up $1.1 a barrel, while the same grade to Northwest Europe was raised by 15 cents.
