Aramco, the state oil producer of Saudi Arabia raised its official selling price of Arab Light crude oil, which is the flagship of the company, to 2.70 US dollars per barrel from December in Asia, up from 1.40 US dollars in November. The company announced the rise in price on Friday.
The selling price of the Arab Light OSP for the North-western Europe has discount of 30 cents for each barrel, according to the ICE Brent contract, the company said.
The United States have to pay 1.75 US dollars extra per barrel for the Arab Light OSP, according to the ASCI (Argus Sour Crude Index) for long term contracts.
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