ByÂ Anthony DiPaolaÂ -Bloomberg
Saudi Aramco, the worldâ€™s largest oil exporter, raised its official selling prices for all crude grades to customers in Asia and Northwest Europe for April shipments and cut prices to buyers in the U.S.
Abu Dhabi National Oil Co., the state-run producer in the capital of theÂ United Arab Emirates, lifted official prices to 30-month highs for crude sold in February and increased the amount of oil it will supply in April.
The following is a weekly summary of Persian Gulf crude and product market news and forthcoming events:
Saudi Arabiaâ€™s government-owned producer increased the formula prices for its Arab Extra Light, Light and Medium crudes to Asia by 65 cents a barrel, the company said March 5. Arab Light toÂ Asia will sell at the highest since July 2008 at $1.95 a barrel above the average of the Oman and Dubai grades, the two Gulf benchmarks used by traders.
Aramco set the price for its Extra Light grade for April loadings for U.S. buyers at a premium of $2.60 a barrel over theÂ Argus Sour Crude Index, 10 cents less than for March cargoes. The price of Arab Light crude to the U.S. will be at parity with the Argus index, 30 cents a barrel lower than for March.
Aramco this week offered two European refiners additional cargoes of Arab Light crude for loading this month, officials involved in the negotiations said. The official prices for light grades to Northwest Europe and theÂ Mediterranean Sea gained as oil rose and lighter crudes fromÂ Libyawere kept out of the market because of worsening turmoil in the North African country.
Saudi Arabia has said it will supply enough additional crude to make up for shortages caused by the uprisings that have cut exports from Libya.
Adnoc, as the Abu Dhabi governmentâ€™s oil company is known, raised its retroactive selling prices for cargoes shipped in February to their highest in 30 months. Murban crude, the emirateâ€™s largest export grade, was increased 8.4 percent to $103.60 a barrel, the highest since the August 2008.
Adnoc will boost crude supplies in April on the strength of demand in Asia and as producers seek to replace lost Libyan barrels or allow lighter West African crudes to be diverted to European markets. The company maintained its 10 percent supply cut for Murban crude, the emirateâ€™s main export grade, while eliminating reductions in supply of its other grades.
Qatar too raised official selling prices for February. Qatar International Petroleum Marketing Co., or Tasweeq, is offering to sell four, 500,000-barrel cargoes of deodorized field condensate and low-sulfur condensate for May loading from Ras Laffan. The offer closes March 14.
Iraqâ€™s oil exports rose last month to their highest since the 2003 U.S.-led invasion, after shipments resumed from the countryâ€™s northern Kurdish region, said Falah al-Amri, the head of Iraqâ€™s State Oil Marketing Organization. Exports in February climbed 2 percent from the previous month to 2.2 million barrels a day, he said.
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