https://arab.news/yzmyz
RIYADH: Top oil exporter Saudi Arabia kept the March price for its flagship Arab Light crude to Asian customers unchanged from the previous month at a more than two-year low.
State-owned oil giant Saudi Arabian Oil Co., known as Saudi Aramco, kept its March official selling price for Arab Light to Asia unchanged from the previous month at a more than two-year low, an official statement showed.
The oil company has set its March official selling price for Arab Light to Asia at $1.50 a barrel over the Oman/Dubai average. The price is considered a barometer for how the Kingdom sees the demand outlook.
Aramco made its biggest cut on the OSP in 13 months for February cargoes to a 27-month low. The March price was lower than the market expectations that forecasted the company to raise the OSP by about 55 cents following the improved market structure and supply disruption concerns amid the ongoing Israel-Hamas war.
The company also left the March price for Arab Heavy crude to Asia at the prior month’s level, while it slightly cut prices for Arab Extra Light and Arab Medium by $0.05 and $0.20 a barrel, respectively.
Looking at other regions, the oil producer kept its March prices to Northwest Europe and the Mediterranean unchanged, but lowered its Arab Light and Extra Light prices to the US by $0.30 and $0.20 a barrel, respectively.