Top oil exporter Saudi Arabia may raise prices of all grades of crude it sells to Asia in March on firm demand and stronger margins for gasoil and jet fuel, trade sources said.
The March official selling price (OSP) for flagship Arab Light crude could rise by about 60 cents a barrel from the previous month, according to seven refining sources surveyed by Reuters on Jan 25-26, which would mark a rebound after a $1.10 a barrel cut in February.
The anticipated price hikes for March supplies come after Middle East benchmarks strengthened this month. Asia’s crude demand has been robust as refiners’ margins stayed firm with the Omicron coronavirus variant having a smaller than expected impact on global fuel consumption so far.
