Saudi Arabia's state oil producer Aramco raised its April official selling price (OSP) for all crude grades it sells to Asia in line with market expectations.
The world's top oil exporter raised its April OSP to Asia for its flagship Arab Light crude to $4.95 a barrel versus Oman/Dubai crude, up $2.15 from March, the company said on Friday.
The world's top oil exporter set the Arab Light OSP to Northwestern Europe at plus $1.60 per barrel versus ICE Brent, an increase of $1.70 compared to March and to the United States at plus $3.45 per barrel over ASCI (Argus Sour Crude Index), an increase of $1 over the previous month.
The producer had been expected to sharply raise the April prices for Asia as global supplies tighten over financing and shipping issues from sanctions on Russia.
Moreover, Abu Dhabi National Oil Co. set the April official selling price for its flagship Murban crude oil at $93.99/b.
Oil prices surged over 7 percent on Friday affected by fears about supply disruptions from Russia's invasion of Ukraine.
Since the US and its allies imposed sanctions on Russia, the crude oil soared more than 20 percent.
Brent crude rose $7.65, or 6.9 percent, to settle at $118.11. The West Texas Intermediate (WTI) for April delivery added 8.01 U.S. dollars, or 7.4 percent, to settle at 115.68 dollars a barrel.
Further, Shell PLC has snapped up a cargo of Russian crude at a bargain price. It paid $28.50 a barrel below the price of international benchmark Brent crude, the widest discount on record.
London-listed Shell bought the crude from Trafigura Group Pte. Ltd., one of the biggest commodity traders and largest exporters of Russian oil.
