Saudi Aramco has raised prices for all crude grades it sells to Asia in March from February, in line with market expectations.
The world's top oil exporter increased its March price for its Arab Light crude grade for Asian customers by 60 cents a barrel versus February to a premium of $2.80 a barrel to the Oman/Dubai average, Aramco said on Saturday.
March Arab Light crude to the United States was raised by 30 cents a barrel versus February to a premium of $2.45 a barrel versus ASCI (Argus Sour Crude Index).
Prices to Northwestern Europe for the same grade were set at a discount of 10 cents a barrel versus ICE Brent, an increase of $1.70 a barrel compared to February.
The producer had been expected to raise the March price for the flagship grade to Asia by 60 cents a barrel, according to a Reuters survey of seven refining sources in late January.
The price hikes reflected firm demand in Asia and stronger margins for gasoil and jet fuel.
Abu Dhabi National Oil Co. set the March official selling price for its flagship Murban crude oil at $85.11/b, from $74.36/b for the February OSP, the company said in a Feb. pricing letter.
Oil prices surged to seven-year highs on Friday, extending their rally into a seventh week on ongoing worries about supply disruptions fueled by frigid US weather and ongoing political turmoil among major world producers.
The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, together known as OPEC+, agreed this week to stick to moderate output increases of 400,000 barrels per day (bpd), with the group already struggling to meet existing targets and despite pressure from top consumers to raise production more quickly.
Iraq pumped 4.16 million barrels per day (bpd) of oil in January, below its allowed limit of 4.28 million bpd under a pact with other so-called OPEC+ producers, data from state-owned marketer SOMO seen by Reuters showed on Thursday.
