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2016-05-09 19:15:00

SAUDI PRICES UP

SAUDI PRICES UP

Saudi Arabia, the world's largest crude exporter, has raised June oil prices to Asia by the most in 14 months, in a hopeful sign that demand from the region is on the up.

Saudi Aramco, the state-owned oil company, said in a statement on Thursday that it would raise its official selling price for its benchmark Arab Light crude by $1.10 to its customers in Asia. The region is its largest market, receiving more than half of Saudi crude exports.

The last time there was an increase this big was more than a year ago when Aramco lifted April 2015 prices by $1.40.

The price increase should be seen as welcome news to the oil market.

Despite an impressive first quarter rally, oil prices are still down more than 60 per cent from their June 2014 peak as a surge in US production coincided with a slowdown in demand from China, creating a massive over-supply.

Aramco had cut prices for its cargoes to Asia in a bid to defend its market share.

Brent gained on the news. The international oil benchmark is trading 2.6 per cent higher at $45.77 per barrel.

ft.com

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Earlier: 

OIL PRICES: $45 - $50 

MAGIC OIL PRICE: $50 

SAUDI VISION 2030 

2018: PRICE WILL BE $58 

TIGHT OIL PRICES 

OIL PRICES: ABOVE $50 

2016: VERY UNCERTAIN PRICES 

RUSSIAN OIL PRICE: $45 - $50 

U.S. GOOD PRICE - 2 

SAUDI FUND $2 TRILLION 

SAUDI LOSES MARKET 

COMPLICATED OIL PRICES 

 

 

 

Tags: SAUDI, OIL, PRICES

Chronicle:

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U.S. DT - The sum total in September of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC outflow of $29.1 billion. Of this, net foreign private inflows were $23.5 billion, and net foreign official outflows were $52.7 billion.

SAUDI PRICES UP
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U.S. INDUSTRIAL PRODUCTION UP 0.1%

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GREEN NUCLEAR ENERGY

WNN - "nuclear energy is a "mature, low greenhouse gas emission source of baseload generation that could make an increasing contribution to global development based on low-carbon energy supply".

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2018, November, 19, 11:05:00

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ARAB NEWS - Saudi Arabia has shown investment interest in Pakistan’s largest coastal refinery, a multibillion-dollar project being set up at Khalifa Point, near Hub, Balochistan, officials have confirmed.

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