Saudi Aramco, the state-owned oil company of Saudi Arabia, has informed at least four customers in northern Asia that they will receive a contract to buy full volume crude oil in April, according to Reuters. The world’s largest oil exporter recently raised the price of Arab Light crude sold to customers in Asia for the second month in April, driven by strong demand trends in the region.
The price of Arab Light crude oil rose by $2.50 a barrel, up 50 cents from March levels. Refiners and traders expect prices to rise by 55 cents, marking the second consecutive month that Aramco raised oil prices for Asia, its biggest market. While petrol prices for US customers remain unchanged, the price for North-West Europe and the Mediterranean rose as much as $1.30 a barrel.