Saudis raise prices of U.S. oil shipments

By Anthony Di Paola on 2/4/2021

(Bloomberg) --Saudi Arabia kept oil pricing for its main market of Asia unchanged in March, after a key OPEC+ committee expressed confidence that the oil market is re-balancing.

State oil producer Saudi Aramco raised prices for all grades sold to customers in the U.S. and Europe.

The nation surprised markets last month by announcing plans to unilaterally slash 1 million barrels a day of oil supply in February and March. The pledge has helped buoy benchmark Brent crude by almost 15% this year to around $59 a barrel.

Even so, refiners’ profit margins are tight, with the latest virus waves curbing fuel use in many major economies.

Aramco raised all pricing to the U.S. by 10 cents a barrel. Prices to Europe increased by $1.30 or $1.40 a barrel. Its key Arab light grade for Asia will remain at a $1 premium to the benchmark it uses.

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