Saudi Arabia raised the price of its oil

As reported by Bloomberg, Saudi Aramco decided to increase selling prices for Asian countries on almost all grades of crude oil except for Extra Light. As a result, the cost of Arab Light for about 60 cents will exceed the cost benchmark for Middle East grades Oman and Dubai..

The company also raised prices for American buyers. The cost of Arab Light for the United States has risen to 20 cents and now is 55 more expensive than regional level.

The representative of the consulting company Qamar Energy Robin mills stated that Saudi Arabia is trying to play on the rise, given the fact that China has demonstrated a steady demand for oil.

The same position was confirmed by the Minister of energy of Saudi Arabia Khalid al-falih, who is also the head of Saudi Aramco. According to him, demand remains stable, whereas oil from countries that are not members of OPEC, reduced. In the cartel believe that global demand for oil this year will grow by 1.2 million barrels a day.

In early may, Riyadh reported raising oil prices for the Asian markets to the maximum value since April of last year. The official selling price for Arab Light grade oil then was increased $1.10/bbl.

Before this significant increase in prices 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.

Thursday, June 2, the country’s OPEC meeting in Vienna failed to agree on the specific figures for the quotas for oil production. The current official quota of 30 million barrels a day — was installed in 2011.