Saudis prepare for record price hike in oil

saudis prepare for record price hike in oil 0 Km33h1EW

The world’s largest oil exporter, Aramco, is preparing to raise crude oil prices to a record high despite the coronavirus epidemic that has started to spread again in China.

Saudi Aramco is expected to sell May shipments of crude to Asian customers for $5 above the median average of Bloomberg’s survey of five refiners and investors. This increase will bring the difference between the Oman-Dubai benchmark oil price and Saudi oil to a record level of $9.95.

Attention in the oil market OPEC+ meeting

Aramco publishes official prices generally in the first days of the month.

Oil prices, which are already rising due to increasing demand and rapidly falling stocks, reached their highest level since 2008 this quarter as the war in Ukraine pushed prices higher. It is stated that the expected increase in the most important oil of the Middle East will most likely occur despite the closure of the pandemic in China, the world’s largest importer.

The difference is considered an important indication of how strong or weak demand is.

Saudi Aramco is preparing to announce its sales prices, while Riyadh officials are preparing to meet with other oil producers, including Russia, at the OPEC+ meeting. Before the meeting to be held on Thursday, member states state that there is still no need to adapt production capacity, despite one of the biggest production disruptions due to the war in Ukraine.

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