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Oil in Global Economy Series: Saudi Arabia increases oil price for Asia and United States

As Hurricane Harvey led to a skyrocketing of refinery margin in Asia, leading to greater demand for oil, Saudi Arabia increased its price of crude for Asian customers. The average profit margin for a refinery in Singapore has hit $10.21 per barrel in the wake of Harvey leading to higher demand for crude oil from refineries in the region. The demand for finished products increased after Hurricane Harvey took down 4.2 million barrels of refining capacity in the United States. According to latest reports, out of that 4.2 million barrels only, half a million barrels have returned to full capacity operation, while refineries with a capacity of 2.2 million barrels are operating at reduced pace and rest still not operational.

Saudi Aramco said that it will increase the price of Arab Light by 55 cents per barrel for Asian customers which will bring the price at 30 cents per barrel premium to Dubai benchmark. For Northwestern Europe, Aramco reduced its official selling price for Arab Light by 10 cents per barrel which bring the price to a discount of $2.15 per barrel to ICE Brent crude. Aramco also lifted the price for the United States by 10 cents per barrel that bring the final price to $1.30 per barrel premium to the Argus Sour Crude Index.

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