Saudi Aramco has announced an increase in crude oil prices for Asian markets starting February, marking the first rise in three months. The price for Arab Light crude has been set at $1.50 per barrel above the regional benchmark, following a previous drop to a four-year low.
In addition to Arab Light, prices for other crude grades have also been adjusted. Arab Extra Light and Super Light saw increases of 60 cents and 50 cents per barrel, respectively. Arab Medium’s price rose by 50 cents, while Arab Heavy experienced a decrease of 50 cents per barrel.
For the North American market, the price for Arab Light crude is set at $3.50 per barrel above the Argus Sour Crude Index. These price changes reflect shifts in the market, particularly the widening spread in Dubai prices observed in December.
The spot premiums for Middle Eastern crude rebounded in February, having previously declined due to uncertainties in Iranian and Russian oil supplies. This situation led some Chinese refiners to revert to Middle Eastern oil as sanctions and high demand drove up prices for Iranian and Russian crude.
Saudi Aramco offers five crude oil grades, each differing by density: Super Light, Arab Extra Light, Arab Light, Arab Medium, and Arab Heavy. The company typically announces its official selling prices around the 5th of each month, influencing pricing trends for other major producers in the region.