Saudi Arabia raises April crude selling prices to Asia to all-time highs

(Reuters) – Saudi Arabia’s state oil producer Aramco raised the April official selling prices (OSPs) for crude it sells to Asia by more than $2 a barrel, with some grades hitting all-time highs, as global markets struggled with Russian oil disruption.

Record Saudi crude prices come on the back of an expected rise in Middle East oil demand as surging spot premiums and freight rates put supplies from Europe, Africa and the Americas out of Asia’s reach.

Global oil prices have soared to their highest since 2008, adding to inflation concerns, as the United States and the European explore banning imports of Russian oil in the wake of Moscow’s invasion of Ukraine. Russia calls its actions in Ukraine a “special operation”.