Saudi Arabian Oil Co., the world’s largest crude exporter, raised its May official selling price for Arab Light blend from the Egyptian port of Sidi Kerir, according to two people with knowledge of the matter.
Saudi Aramco, as the state-run producer is known, narrowed the discount of Arab Light to $1.65 cents a barrel less than the Brent weighted average, or BWAVE, posted by the Intercontinental Exchange, said the people, who declined to be identified because the information is confidential. That compares with minus $2.35 for this month.
Aramco also increased the price of its Medium and Heavy grades to discounts of $2.85 and $4.75 a barrel respectively to BWAVE while Extra Light was cut to parity to the benchmark from a 25 cent premium, they said.
The state company already announced prices for its main four destinations, Asia, the U.S., Northwest Europe and the Mediterranean, in an e-mail on April 3.
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