According to Interfax, Saudi Aramco announced that in March 2022, the kingdom will hike the pricing of all its types of oil to buyers from all locations.
The price of Arab Light crude for Asia will climb by $0.6 per barrel, resulting in a $2.8 per barrel increase above the oil basket of Oman and Dubai.
Other types of Saudi oil will see a price increase of $0.3 to $0.7 per barrel.
Buyers from Northwest European countries will see a huge increase in prices, from $0.7 to $2.3 per barrel.
Prices in the United States will climb by $0.3 per barrel, while prices in the Mediterranean will jump by $0.9 to $1.8 per barrel.