Saudi oil minister Ali Al-Naimi has said that oil prices are in the right range and that production policy should remain unchanged, Bloomberg has reported. ‘The price has stayed very well in the range of $70 to $80. It is in a very happy situation,’ Al-Naimi was quoted as saying in Vienna, adding he is pleased with quota compliance and foresees no need to change output. ‘There are no shortages, investment is going on, demand looking forward is going to continue to rise, so everyone is happy.’
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Saudi Aramco has raised official selling prices for all crude grades, except heavy, for customers in the USA for April and lowered prices on all grades to Europe and most for Asia, Bloomberg has reported. The company increased the formula price of its Arab Light crude to the US the most, raising it by 15 cents a barrel, or 20%, to a 60 cent discount off the benchmark Argus Sour Crude Index, the company said in a statement. It boosted the premium for Extra Light crude to 95 cents above the benchmark, also a 15 cent change.
After starting the week on a firmer note, oil prices fell sharply toward the end of the week in a general market sell-off as investors sought the dollar as a safe haven amid worries about European Union economies.
Saudi Arabian Oil Co may raise its March official prices for crude sold to Asia as fuel demand increases, Bloomberg has reported. Arab Heavy and Arab Medium, Saudi Arabian Oil’s densest export grades, may be set at 12.5 cents a barrel higher than February, according to the median levels in a survey of refiners from South Korea, Japan, China, and India. The company, known as Saudi Aramco, is expected to issue prices this week. Arab Light, the country’s largest export grade, and Extra Light are expected to rise by 2.5 cents a barrel, the news service found, citing officials who asked not to be identified.
