News: Record High Saudi Arabia Premiums

Thursday October 6th Saudi Arabian Oil Company set prices for two grades of crude at the highest premiums in the last 11 years. The world's largest oil exporter set the prices for export to Asia while at the same time cut prices for the US, Europe and Mediterranean.

The price of Arab Light crude to Asia was set to $2.70 a barrel above average prices for Oman and Dubai grades which is an increase of $1.05 and set a record high for the last 11 years (since June 2000).

That’s also a record based on Bloomberg data and is up from a 30-cent discount to the benchmark in October.