US Edition
Saudi Arabia Sets Record Premium for Flagship Crude as Hormuz Crisis Deepens
- On Monday, Saudi Aramco raised the price of Arab Light crude for May-loading shipments to Asia to a record $19.50 premium above regional benchmarks.
- Conflict in the Persian Gulf has upended energy trade, as Iran effectively shut the Strait of Hormuz, choking off supplies from the region.
- Aramco currently relies on the Yanbu port on the Red Sea, reaching 7 million barrels a day capacity and exporting close to 5 million barrels a day, about 70% of prewar shipments.
- On Sunday, OPEC agreed to boost production by 206,000 barrels per day, though this increase remains theoretical due to constraints at the Strait of Hormuz.
- Brent crude prices have jumped by more than 50%, forcing Asian buyers to increasingly price orders against the ICE Brent benchmark instead of traditional Middle Eastern grades.
20 Articles
20 Articles
Saudi Arabia Attaches Record Premium to Crude Oil Due to Supply Shock from Strait of Hormuz Blockade; Demands $20 Per Barrel Premium for Asia, Europe Must Pay Up to $30 More, Highest Level in 26 Years; Exports Plummet by Half Amid Iranian Threat. Saudi Arabia, the world's largest crude oil exporter, has set a record-high premium on its crude oil prices.
Saudi Arabia hikes Arab Light crude to record premium for Asian refiners as US-Iran war continues
Saudi Arabia has raised the price of its Arab Light crude for Asian buyers to a record premium of $19.50, amid heightened tensions in the Middle East. This increase, though significant, was reportedly lower than analysts anticipated due to volatility in oil benchmarks.
A pricing document released on Monday showed that Saudi Arabia set the official selling price for its Arab Light crude for May to Asian markets at an unprecedented premium of $19.50.
Financial Post
Saudis Raise Asia Oil to Record Premium as War Upends Market
(Bloomberg) — Saudi Arabia has raised the price of its main oil grade to Asia to a record high premium, as a widening conflict in the Persian Gulf and Iran’s near-closure of the Strait of Hormuz convulse energy markets.
A $19.50 oil premium: Saudi Arabia sets record crude price as Hormuz crisis rattles markets
Saudi Aramco has set a record premium for its crude oil sold to Asian buyers. This move comes as disruptions in the Strait of Hormuz impact global energy markets. Iran's actions have affected oil flows from the Persian Gulf. Global oil prices have seen a significant rise. Fuel prices are also surging across continents.
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