INSUBCONTINENT EXCLUSIVE:
Saudi Arabia's Aramco increases Asia's crude bill to all-time highs in AprilSaudi Arabia's state oil producer Aramco raised the April
official selling prices (OSPs) for crude it sells to Asia by more than $2 a barrel, with some grades hitting all-time highs as global
markets struggled with Russian oil disruption.Record Saudi crude prices come on the back of an expected rise in Middle East oil demand as
surging spot premiums, and freight rates put supplies from Europe, Africa and the Americas out of Asia's reach.Global oil prices have
soared to their highest since 2008, adding to inflation concerns, as the United States and the European explore banning imports of Russian
oil in the wake of Moscow's invasion of Ukraine
Russia calls its actions in Ukraine a "special operation".The world's top oil exporter lifted its April OSP to Asia for its flagship Arab
Light crude to $4.95 a barrel versus the average of DME Oman and Platts Dubai crude prices, up to $2.15 from March, Saudi Aramco said late
on Friday.This is the highest premium for the grade ever, Refinitiv data showed.The April OSPs for Arab Medium and Arab Heavy crude in Asia
are also all-time highs.Saudi oil prices to Asia hit record levels."The prices are higher than expected, but (I) can understand Saudi's
mindset," a trader said, adding that prices of rival grades such as Abu Dhabi's Murban crude were also at record levels.The spot premium
for Murban crude futures to Dubai quotes hit a record of nearly $18 a barrel last week, while premiums for other benchmark grades such as
DME Oman and Dubai were at all-time highs of $15 a barrel.Separately, Saudi Aramco set the Arab Light OSP to Northwestern Europe at plus
$1.60 per barrel versus ICE Brent, an increase of $1.70 compared with March and to the United States at plus $3.45 per barrel over ASCI
(Argus Sour Crude Index), an increase of $1 over the previous month.
