Saudi Arabia raises Asia oil prices as crude continues to surge

SINGAPORE, Feb 5 (Bloomberg) : Saudi Arabia raised oil prices for its main market of Asia after crude’s surge to almost US$95 a barrel.

State firm Saudi Aramco increased pricing for all grades for Asian customers in March, according to several people with knowledge of the matter.

The company raised its key Arab Light oil for the region by 60 cents from February to $2.80 per barrel above the benchmark it uses. That’s the highest since March 2020, just before Aramco slashed pricing with the onset of the Covid-19 pandemic.