Saudi Arabia Lifts Oil Prices for Asian Buyers
State-owned Saudi Arabian Oil Corporation which is better known as "Saudi Aramco" has plunged the official selling price of its "Arab Light Crude" by 10 percent a barrel making it cost $1.20 a barrel, much above the Middle East benchmark as per reports gathered on Tuesday.The move has been regarded bullishly by future traders.
The oil prices in Saudi Arabia are considered to be key markers for producers from the Middle East as it largely impacts what refineries globally pay for crude from the world's largest export region.
Other prices alter moves from Saud Arabia were mixed.Thirteen out of 21 were increased, 7 were completely slacked while other's remain unchanged.
Saudi Arabia sells 4 different grades of oil to Asia which are Super Light, Extra Light, Medium and Heavy. These wer...