By Anthony Di Paola on 2/4/2021
(Bloomberg) –Saudi Arabia kept oil pricing for its main market of Asia unchanged in March, after a key OPEC+ committee expressed confidence that the oil market is re-balancing.
State oil producer Saudi Aramco raised prices for all grades sold to customers in the U.S. and Europe.
The nation surprised markets last month by announcing plans to unilaterally slash 1 million barrels a day of oil supply in February and March. The pledge has helped buoy benchmark Brent crude by almost 15% this year to around $59 a barrel.
Even so, refiners’ profit margins are tight, with the latest virus waves curbing fuel use in many major economies.
Aramco raised all pricing to the U.S. by 10 cents a barrel. Prices to Europe increased by $1.30 or $1.40 a barrel. Its key Arab light grade for Asia will remain at a $1 premium to the benchmark it uses.
Read More: Saudis raise prices of U.S. oil shipments