Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) raised on Monday the prices for light crude shipments to Asian markets for January delivery to the highest level in six years, Reuters reported.

Aramco raised the January official selling price (OSP) for its Arab Light crude oil for Asian customers by $0.3 per barrel, compared with December to a premium of $3.7 per barrel to the Oman/Dubai average, the highest since January 2014.

Reduced supplies coupled with increased demand for high-sulphur refining feedstock helped increase the premium of the cash price for the Middle East benchmark Dubai crude to swaps to the highest in six years in November, according to Reuters.

January OSP for Arab Extra Light sold to Asian markets was also raised to a six-year high after Aramco increased it by $0.7 to a premium of $5.8 a barrel.

As for Northwest European customers, the Saudi oil company reduced its January Arab Light OSP, at a discount of $1.85 a barrel to Brent crude, down $1.80 a barrel from December.

As for OSP for Arab Light to the US, it remained unchanged at a premium of $3.35 a barrel to the Argus Sour Crude Index.