State oil producer Saudi Aramco (TADAWUL:2222) has increased the price of its Arab Light oil to Asia for March by $2.40 a barrel. This adjustment, the largest since August 2022, surpasses the $2 increase that traders and refiners had anticipated,

Aramco raised the official selling price for flagship Arab Light crude by $2.40 to $3.90 per barrel above the Oman/Dubai benchmark average, Saudi Aramco said in a statement on Wednesday, Reuters reported. The oil exporter steeply increased crude prices for March shipments across all other regions as well.

SAUDI Arabia hiked the price of its flagship crude to Asia by the most in more than two years as the kingdom responds to surging premiums for Middle Eastern crude and improving refinery margins. Read more at The Business Times.

Oil prices edged up on Thursday after Saudi Arabia raised prices for March. However, the previous day’s decline in benchmark Brent prices was the largest in almost three months, and the increase was insignificant in comparison.