Economy

Historic Leap: Saudi Arabia Raises Arab Light Crude Price to Asia by $17

Saudi Arabia has made a historic move by raising the official selling price of Arab Light crude for Asian buyers in May by $17 per barrel, setting the premium at $19.50 above the Oman/Dubai average. This unprecedented increase, confirmed by a pricing document reviewed by Reuters, reflects the kingdom's aggressive strategy amid tight global supply and strong demand from Asia, the region's largest oil market. The hike signals Saudi confidence in market resilience following recent production cuts by OPEC+, further tightening supply. The decision is expected to impact refining costs across Asia and could influence global oil prices, highlighting Saudi Arabia's pivotal role in balancing energy markets and its commitment to maximizing revenue amid geopolitical uncertainties.