Saudi Aramco raises oil prices for Asia

Saudi Aramco, the world's biggest oil company by output, raised prices for three crude grades it will export to Asia in August as refiners' profit from making diesel and kerosene increases. The refining margin in Singapore, Asia's biggest oil trading center, has almost doubled in the second quarter from the previous three-month period.

Saudi Aramco raised differentials over its benchmark price for Super Light crude oil by 40 cents to $7.25 a barrel, Extra Light by 45 cents to $3.65 a barrel and Arab Light by 15 cents to 35 cents a barrel. These so-called light grades yield more gasoline, diesel and kerosene after processing. Saudi Aramco kept prices of its Arab Medium and Arab Heavy grades unchanged at minus $2.85 a barrel and minus $5.95 a barrel.

(2006-07-08 08:21:31 SGT) [Energy] Permalink

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