Saudi Aramco hikes oil prices once again in April

Oil giant Saudi Aramco has raised the official selling price for the crude oil it exports to Asia and Europe for the second month in April to $2.50 per barrel above the average price of Oman and Dubai crude.

The price increase of more than 50 cents per barrel over March’s official sales prices is in line with a Reuters survey as China’s economic recovery indicators raised expectations of higher demand for fuel from the world’s largest oil importer.

China set a target for modest economic growth of about 5 percent this year at its annual conference of Chinese people’s deputies, as it records its weakest performance in decades last year when GDP grew only three percent.

The official sale price for heavy Arab crude was $0.75 a barrel higher than the Oman/Dubai average, up $2.5 a barrel from March.