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Saudi Arabia hikes oil price as Russia-Ukraine war presses on

Oil activities increased by 1.3 percent in the kingdom in Q1 2023. (AFP)
By TRENDS Desk
March 6, 2022 9:29 pm
  • Saudi Arabia's state oil producer Aramco raised the official selling price
  • Aramco hiked all prices for the American customers by $1

Saudi Arabia has hiked oil prices for all regions after the crude oil prices soared to more than $115 a barrel over the ongoing crisis arising out of Russia’s invasion of Ukraine.

Saudi Arabia’s state oil producer Aramco raised the official selling price, or OSP, of its flagship Arab Light crude shipments to Asia, to $4.95 a barrel above the benchmark it uses, representing a $2.15 rise per barrel from March.

Aramco hiked all prices for US customers by $1, while those for Northwest Europe rose between $1.20 and $2.10.

The world’s top oil exporter has also raised the OSP by as much as $2 for the Mediterranean.

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