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Saudi Arabia Could Raise April Crude Prices To Asia

OIL

Saudi Arabia is expected to raise its official selling prices for Asian buyers in April, given stronger physical premiums this month amid the prospect of a demand recovery in China according to respondents surveyed by Reuters.

  • Saudi Aramco may increase its flagship Arab Light grade by about 40cents in April to $2.40/bbl over the Dubai/Oman average, according to five respondents surveyed by Reuters.
  • The survey respondents also anticipate a hike in its heavier grade with Arab Medium and Arab Heavy increasing around 80cents and $1/bbl, respectively.
  • Saudi unexpectedly hiked March Arab Light prices to Asia, which was its first price increase in six months. A rise for a second consecutive month would indicate firm market confidence in demand growth.
  • China has picked up procurement over the past two month. Sinopec bought at least 17 cargoes of the UAE crude Upper Zakum from the spot market in Feb alongside several crude cargoes from other Middle Eastern countries.
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