Saudi Arabia, the world’s biggest oil exporter, has raised the premium it charges for its crude to record levels as the Iran war puts strains on global energy supplies.
State-run Saudi Aramco will charge customers in Asia $19.50 on top of the Oman-Dubai benchmark for a barrel of Arab Light crude, its main oil grade, in May. Over the past 26 years, the premium has never before exceeded $10 a barrel.
Pricing for all grades of Saudi oil to every destination has been raised to record levels. Customers in Europe will need to pay $24-$30 a barrel over the Brent benchmark, which is currently trading at around $108 a barrel, for Saudi oil next month.