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.



AlUla Conference Amplifies Emerging Economies’ Global Voice

Saudi Finance Minister Mohammed Al-Jadaan (AlUla Conference for Emerging Market Economies)
Saudi Finance Minister Mohammed Al-Jadaan (AlUla Conference for Emerging Market Economies)
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AlUla Conference Amplifies Emerging Economies’ Global Voice

Saudi Finance Minister Mohammed Al-Jadaan (AlUla Conference for Emerging Market Economies)
Saudi Finance Minister Mohammed Al-Jadaan (AlUla Conference for Emerging Market Economies)

The “AlUla Conference for Emerging Market Economies” was held at a crucial time, as the world and the region face significant economic, technological, and geopolitical shifts.

From tariffs that will impact international trade to the resurgence of inflation concerns and the resulting delay in expected interest rate cuts, the strengthening dollar and its effects on emerging markets, to the growing geopolitical conflicts—these and other factors undoubtedly have far-reaching consequences for emerging economies.

The conference, organized by the International Monetary Fund (IMF) and the Saudi Ministry of Finance, “marks an important step towards creating a platform that amplifies the voices of emerging economies on the global stage, allowing them to express their views and needs," said Finance Minister Mohammed Al-Jadaan at the conclusion of the two-day event.

Sources told Asharq Al-Awsat that the conference is expected to have a significant impact on shaping future economic policies in emerging economies.

This was evident through in-depth discussions among finance ministers, central bank governors, policymakers, and leaders from both the public and private sectors in emerging economies, as well as international institutions.

The talks covered a range of topics, from economic growth and financial stability to sustainable development, inflation, debt, and proposed strategies to support growth in these markets.

Saudi Arabia’s hosting of the event underscores its prominent position and leadership role both regionally and globally. It also highlights the Kingdom’s commitment to supporting emerging economies and fostering cooperation among them.

Emerging economies undeniably play a key role in the global economy, driving 65% of global growth.
They continue to record strong growth rates, with the IMF projecting a 4.3% growth in 2025 and 4.2% in 2026, compared to a global economic growth of just 3.3% during the same period.

This translates into higher employment rates and increased consumer spending, positioning these economies as attractive destinations for investors seeking major opportunities.