Saudi Arabia raised the prices of oil for its Asian and US buyers despite the fear over the impact of the Omicron variant of the coronavirus.
The move comes days after the Organization of Petroleum Exporting Countries and its allies (OPEC+) decided to maintain its decision to raise crude output.
For January prices, all crude grades for Asia and the US will see a hike in prices.
The key Arab Light grade set for Asia was raised by 60 cents from December to USD3.30/barrel higher than the Oman/Dubai benchmark, the highest since February 2020. To the US, the grade will have the prices up by 40-60 cents to USD2.15/barrel higher than ASCI while to Europe, the supply will be cut.
The Medium grade was raised by 40 cents to the US, higher by USD1.45/barrel than benchmark while to Asia it was expanded by 70 cents to USD3.05/barrel higher.
The Arab Heavy was increased by 60 cents from this month’s level to the US, to be USD1/barrel higher than the benchmark while to Asia it becomes USD1.80/barrel higher than the benchmark after being raised by USD1.80/barrel.
Saudi Aramco CEO Amin Nasser previously stated that he was very optimistic regarding demand. He opined that the market had overreacted to Omicron.
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Published on December 6, 2021 5:28 PM (GMT+8)Last Updated on December 6, 2021 5:28 PM (GMT+8)
