Business | Oil & Gas
Saudi Arabia hikes February light prices
Saudi Arabia raised its official selling prices for February for light crude oil to customers in the United States and Asia, state oil firm Aramco said on Sunday.
- Reuters
- Published: 23:35 January 4, 2009
Dubai: Saudi Arabia raised its official selling prices for February for light crude oil to customers in the United States and Asia, state oil firm Aramco said on Sunday.
Buyers of Saudi oil had expected the price to rise as the kingdom cuts supply under an agreement with the Organisation of the Petroleum Exporting Countries (Opec).
The kingdom could deepen supply cuts in February, potentially taking output below its Opec target, as it strives to halt the $100 slide in oil prices since July, market sources said last week.
Aramco raised the February price of Arab Light to US customers by $2.80 a barrel to WTI minus $2.00. It raised the Arab Light price for customers in the Far East by 40 cents to the Oman/Dubai average minus 45 cents a barrel.
Buyers in northwest Europe saw the price of light crude rise by 20 cents, while in the Mediterranean the price was steady.
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
