Saudis Raise Oil Pricing to Asia as Refining Margins Improve

Saudi Arabia, the world’s largest crude exporter, raised pricing for May sales to Asia as refining margins improved for buyers in the country’s biggest market. State-owned Saudi Arabian Oil Co., known as Saudi Aramco, raised official selling prices for Asia for a second straight month as refiners that buy its crude earned more for turning oil into gasoline and diesel. “The drive for Aramco to raise prices is the improvement in the refining margin for gasoline and diesel,” Essam al-Marzouk, a Kuwait-based analyst and former vice president for Europe at Kuwait Petroleum International, said by e-mail Sunday. Brent, a global oil benchmark, fell almost 50 percent in the past year amid increasing supply from areas including North America.



via Business News http://ift.tt/1aBdHPN