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Aramco Raises Oil Premium for April Sales to Asia

Source: Bloomberg 3/4/2012, Location: Middle East

Saudi Arabian Oil Co., the world’s largest crude exporter, said Arab Light crude sold to Asia will be priced at a premium of $2.80 a barrel to the regional benchmark for April loading compared with $1.55 for March.

Saudi Aramco, as the state-run company is known, raised the premiums for other light grades sold to Asia, as well as its Arab Medium crude, and narrowed the discount for Arab Heavy, the company said in an e-mailed statement.

Aramco also raised the differentials for most grades sold to U.S. customers while cutting the formulas for deliveries to Northwest Europe, the statement showed. Each of the three regions is priced against a different benchmark.

The following table gives differentials for the regions into which Aramco sells in relation to benchmark prices, the month-on-month change and the degrees of gravity as defined by the American Petroleum Institute. Differentials are in U.S. dollars a barrel.

Prices for Northwest European and Mediterranean customers are expressed as a differential to the Brent weighted average posted by Intercontinental Exchange, free on board Ras Tanura.

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