Good thing those guys are our “ally” and they listen to Senile Joe, right gang? From Reuters:
Saudi Arabia raises May Arab Light crude prices to Asia to record levels
From the article:
April 4 (Reuters) – Saudi Arabia’s state oil producer Aramco (2222.SE) raised its May official selling price (OSP) to Asia for its flagship Arab Light crude to $9.35 a barrel above Oman/Dubai crude, according to pricing document seen by Reuters.
The OSP for May is the grade’s highest premium ever.
Of course the US and Europe were not unscathed by the price increase either:
The company set the Arab Light OSP to Northwestern Europe at plus $4.60 per barrel versus ICE Brent and to the United States at plus $5.65 per barrel over ASCI (Argus Sour Crude Index).
WTI Crude on the NYMEX took off of course back to over $103 per barrel in very short order:
That’s going to leave a mark. And boys and girls, it is just beginning as the threats from the Biden Junta to raise taxes on fees on oil and gas producers in the USA is only going to result in an even greater shuttering of operations and supply.
This is not going to end well and by the third quarter the major impacts will hit with even higher inflation across the board.