Saudi Arabia dramatically increased oil prices for Asia

Saudi Arabia increased the prices of its crude for delivery in June for Asian clients, reports the Financial Times. This was the maximum increase in prices in the region on products of the biggest exporter for 14 months and is a sign of increased demand, says Bloomberg.

In the Aramco statement released Thursday, said that the official sale price of crude oil Arab Light increased $1.10/bbl. for buyers from Asia, the biggest market for oil, which accounts for more than half of Saudi exports.

The last time such a significant price increase occurred last year, the April price of Saudi oil increased by $1,40. The cost of Arab Light for the market of North-Western Europe increased from June to us $0.15.

In April, according to Bloomberg, the level of oil production in Saudi Arabia made up 10.27 million barrels./day.

According to senior analyst at consultancy KBC Energy Economics Ehsan ul-Haq, “the demand recovery from the refiners”. He explained that the goods shipped in June, will ship in Asia in July, when demand will start to grow after the completion of seasonal maintenance work at refineries.