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Saudi Arabia Raises April Arab Light Crude Prices to Asia

An oil pump is seen at sunset outside Vaudoy-en-Brie, near Paris, France April 23, 2018. REUTERS/Christian Hartmann
An oil pump is seen at sunset outside Vaudoy-en-Brie, near Paris, France April 23, 2018. REUTERS/Christian Hartmann
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Saudi Arabia Raises April Arab Light Crude Prices to Asia

An oil pump is seen at sunset outside Vaudoy-en-Brie, near Paris, France April 23, 2018. REUTERS/Christian Hartmann
An oil pump is seen at sunset outside Vaudoy-en-Brie, near Paris, France April 23, 2018. REUTERS/Christian Hartmann

Saudi Arabia's state oil producer Aramco raised its April official selling price (OSP) for all crude grades it sells to Asia in line with market expectations.

The world's top oil exporter raised its April OSP to Asia for its flagship Arab Light crude to $4.95 a barrel versus Oman/Dubai crude, up $2.15 from March, the company said on Friday.

The world's top oil exporter set the Arab Light OSP to Northwestern Europe at plus $1.60 per barrel versus ICE Brent, an increase of $1.70 compared to March and to the United States at plus $3.45 per barrel over ASCI (Argus Sour Crude Index), an increase of $1 over the previous month.

The producer had been expected to sharply raise the April prices for Asia as global supplies tighten over financing and shipping issues from sanctions on Russia.

Moreover, Abu Dhabi National Oil Co. set the April official selling price for its flagship Murban crude oil at $93.99/b.

Oil prices surged over 7 percent on Friday affected by fears about supply disruptions from Russia's invasion of Ukraine.

Since the US and its allies imposed sanctions on Russia, the crude oil soared more than 20 percent.

Brent crude rose $7.65, or 6.9 percent, to settle at $118.11. The West Texas Intermediate (WTI) for April delivery added 8.01 U.S. dollars, or 7.4 percent, to settle at 115.68 dollars a barrel.

Further, Shell PLC has snapped up a cargo of Russian crude at a bargain price. It paid $28.50 a barrel below the price of international benchmark Brent crude, the widest discount on record.

London-listed Shell bought the crude from Trafigura Group Pte. Ltd., one of the biggest commodity traders and largest exporters of Russian oil.

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Iraqi Central Bank Discusses Foreign Transfer Mechanisms with US Delegation

The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)
The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)
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Iraqi Central Bank Discusses Foreign Transfer Mechanisms with US Delegation

The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)
The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)

Governor of the Central Bank of Iraq Ali Mohsen Al-Alaq held talks with Steve Lutes, Vice President of Middle East Affairs at the US Chamber of Commerce and Chairman of the US-Iraq Business Council mechanisms for international trade and Iraq’s shift to fully utilizing correspondent banks for foreign transfers. 

Sunday's discussions in Baghdad follow the US blacklisting of 14 Iraqi banks - half of the country’s total banks - on suspicions of involvement in money laundering and transferring funds to Iran and Syria. The move has prevented these banks from conducting dollar transactions.

According to a statement by the Central Bank of Iraq on Sunday, the meeting, which was also attended by the Directors General of the Investments Department and the Banking Supervision Department, addressed “banking and economic relations” between Iraq and the US. They covered a visit by a Central Bank delegation to Washington in April, during which the delegation will meet with officials from the US Chamber of Commerce and American companies.

The two sides also touched on US companies’ interest in investing in Iraq’s energy, infrastructure, and advanced technology sectors, as well as opportunities arising from Iraq’s current security stability.

Al-Alaq emphasized the Central Bank’s role in supporting Iraq’s economic growth and pledged full support to global firms, including US companies and banks, looking to invest in the country. He stressed the importance of diversifying investment sectors to bolster economic development.

Since the beginning of 2023, the Central Bank of Iraq has implemented a monitoring system for dollar transactions through a specialized platform, which was designed to regulate financial transfers by Iraqi banks and provide proactive oversight, replacing the US Federal Reserve’s previous practice of auditing daily transfers. However, the Central Bank decided to discontinue the platform at the beginning of 2024.

The closure triggered significant withdrawals of deposits by individuals and companies, amid concerns that the banks holding their funds might face bankruptcy due to non-compliance with the Central Bank’s requirements and the US Treasury Department’s standards.

According to Central Bank data, the total volume of deposits in Iraq’s commercial banks fell to its lowest level in 22 months, dropping to 123 trillion Iraqi dinars in November 2024, compared to 127.5 trillion dinars in October.

Between June and November 2024, deposits decreased by 7 trillion dinars, reflecting a continued trend of declining savings in the banking sector over recent months.