Saudi Aramco, the world's largest state owned oil company, raised official selling prices for all crude grades, except heavy, for customers in the US for April and lowered prices on all grades to Europe and most for Asia. The company increased the formula price of its Arab Light crude to the US the most, raising it by 15 cents a barrel, or 20 percent, to a 60 cent discount off the benchmark Argus Sour Crude Index, Aramco said in a statement reported by Bloomberg Wednesday. It boosted the premium for Extra Light crude to 95 cents above the benchmark, also a 15 cent change. The formula price of Arab Medium crude to the US rose 10 cents to $2.10 a barrel below the Argus index, while the Arab Heavy crude price fell 15 cents to a $3.30 a barrel discount. April marks the fourth month Aramco is pricing crude for the US against the ASCI marker, an index of high sulfur oil produced in the Gulf of Mexico. The benchmark replaces a West Texas Intermediate crude price published by Platts, the energy information division of McGraw Hill Cos. WTI oil, a lighter, more expensive crude grade, also trades as a futures contract on the New York Mercantile Exchange. Saudi Arabia was the fourth biggest crude exporter to the US last year, falling from second place in 2008, according to Energy Information Administration data. Canada, Mexico and Venezuela all shipped more crude to the US, the data show.
