Saudi Aramco Raises Export Crude Rrice for Asia

Saudi Aramco will raise prices of its export heavy crude for Asia in March as profit from making fuel oil more than doubled in the past month.

Saudi Aramco reduced the discount for its Arab Heavy crude by 90 cents to minus $4.60 a barrel, said refinery officials who received notices from the company. The discount for Arab Medium crude was reduced by 50 cents to minus $2.25 a barrel, and the premium Arab Light was raised by 20 cents to 25 cents a barrel.

Saudi Aramco's crude oil prices for its Asian customers are expressed as a premium or discount to the average price of Oman and Dubai grades, the two Middle East benchmarks used by refiners and traders in Asia. Heavy and medium grades yield more fuel oil that lighter varieties of crude.