Saudi Arabia to Raise Oil Prices for Asia in May - Bloomberg

The Saudi National Oil Company Saudi Aramco decided in May to raise oil prices for customers from Asia. It is reported by Bloomberg.

It is noted that the increase in prices affected all grades of oil supplied to the Asian market.

As part of a new stage of price growth, the heavy grade of Arab Heavy oil will rise in price by 50 cents per barrel, and the most popular grades Arab Light and Arab Medium by 30 cents. Prices for Arab Super Light and Arab Extra Light will increase by 5 cents and 10 cents respectively.

Saudi Aramco has been raising oil prices for buyers in the Asian region for the third month in a row.

For reference, the Saudi company sells about 60% of its crude oil supplies to Asia under long-term contracts, mostly at a monthly price.