Saudi Aramco has increased the price of light crude oil for March by $2.4 per barrel, marking the largest jump since August 2022, in response to rising premiums for Middle Eastern oils and improved refining margins. Traders’ and refineries’ expectations have been exceeded, and Asian refineries have increased their stocks due to U.S. sanctions on Russian oil. The price of oil has fluctuated, influenced by U.S. policies. OPEC Plus plans to ease production restrictions starting in April.
Saudi Aramco raised oil prices by $2.4 per barrel.
