Aramco hikes most April OSPs to Asia and US, cuts prices for Europe

State-owned Saudi Aramco has hiked its official selling prices for most of its crudes headed to Asia and the US, but in a trend that started last year it has cut prices for Europe-bound cargoes.

The world's biggest oil producer rose prices by 10-60 cents a barrel for all its medium and lighter crudes headed to the US and Asia, while keeping static its heavy crudes for the same destination, according to pricing agency Platts, citing a statement from the company.

Asia

Superlight was up $0.50 to +$2.35 a barrel over Dubai/Oman.

Extra Light crude headed east was hiked $0.60 to +$1.20 a barrel over Oman/Dubai prices, Light crude rose $0.40 to +$1.40/bbl above the main index, Medium Crude up $0.20 to +$0.95 a barrel and Heavy crude was kept flat at a $0.30 premium.

US

For the US, Extra Light was published 30 cents up on the month at +$1.50 a barrel over the Argus Sour Crude Index (ASCI).

Light and Medium crudes headed to the US were hiked by a marginal $0.10 a barrel to $0.95 and $0.25 a barrel, respectively with Heavy crude kept flat at a $0.20 discount to the ASCI.

Europe

For Europe, selling prices for crude leaving next month were cut by $1.00-1.90 a barrel with the greatest cuts seen in the Mediterranean.

Extra Light destined for the Mediterranean was printed at a $1.10 a barrel discount to ICE Brent futures, down $1.00 on the month.

Both Light and Medium grades were cut by $1.70 a barrel to -$1.90 a barrel and -$2.50 a barrel, respectively with Heavy crudes seeing the biggest cut of $1.90 barrel to -$3.20 a barrel below Brent futures.

Finally, for northwest Europe, Extra Light will be priced at -$1.90 a barrel, down $1.50 a barrel, Light at -$2.20 a barrel, down $1.70 a barrel.

Medium crude will be priced at a -$2.60 a barrel discount to Brent futures, down $1.70 a barrel, with Heavy crude cut by a hefty $1.80 a barrel to -$3.10 a barrel.