Saudi Arabia Expected to Raise Asian Crude Oil Prices for the First Time in Five Months

Refinery sources said that due to India increasing its purchases to replace Russian supplies and the heightened threat of US-Iran military conflict raising concerns over supply disruptions, Saudi Arabia may raise the official selling price of crude oil to Asia by about $1 per barrel in April. This would be the first increase in five months, and the official price of Arab Light crude is expected to return to the level of last December, with other grades of crude oil also set to be raised simultaneously. A senior analyst at Sparta Commodities stated that the spot market in February had already seen a significant surge driven by Indian demand. Saudi Arabia's official crude oil prices are usually announced around the 5th of each month, and these prices serve as a benchmark for Iranian, Kuwaiti, and Iraqi oil prices, affecting about 9 million barrels per day of crude oil shipped to Asia.