Saudi Aramco raises March oil prices for Asia

For North America, Aramco has set the March OSP for Arab Light crude at $3.80 per barrel above the Argus Sour Crude Index. Reuters/File
For North America, Aramco has set the March OSP for Arab Light crude at $3.80 per barrel above the Argus Sour Crude Index. Reuters/File
Short Url
Updated 06 February 2025

Saudi Aramco raises March oil prices for Asia

Saudi Aramco raises March oil prices for Asia

RIYADH: Saudi Aramco has significantly raised its crude oil prices for Asian customers in March, reaching their highest levels in over a year.

This price hike comes as a result of rising benchmark prices, driven by increased demand from China and India, as well as supply disruptions due to US sanctions on Russian oil.

According to an official statement, the official selling price for the benchmark Arab Light crude has been increased by $2.40 per barrel. For March, the price for Asian buyers has been set at $3.90 per barrel above the regional benchmark.

Other grades also saw price hikes, with the OSP for Arab Extra Light and Super Light increasing by $2.40 and $2.10 per barrel, respectively. The OSP for Arab Medium crude was raised by $2.50 per barrel, while the price for Arab Heavy crude went up by $2.60 per barrel.

For North America, Aramco has set the March OSP for Arab Light crude at $3.80 per barrel above the Argus Sour Crude Index.

Earlier this week, OPEC+ members reaffirmed their commitment to maintaining stability in the global oil market through production cuts. The 58th Joint Ministerial Monitoring Committee session, conducted via videoconference, reviewed crude oil production data for November and December 2024 and highlighted strong compliance by both OPEC and non-OPEC countries involved in the Declaration of Cooperation.

The committee reiterated its commitment to the DoC, which is set to extend through the end of 2026. It also commended Kazakhstan and Iraq for their improved compliance, including voluntary production adjustments.

OPEC also welcomed renewed pledges from overproducing countries to fully comply with production targets.

Saudi Aramco produces five grades of crude oil: Super Light, Arab Light, Arab Extra Light, Arab Medium, and Arab Heavy. These grades are differentiated by their density. Super Light has a density greater than 40, Arab Extra Light ranges from 36 to 40, Arab Light falls between 32 and 36, Arab Medium is between 29 and 32, and Arab Heavy has a density of less than 29.

Saudi Aramco typically releases its crude OSPs around the 5th of each month, setting the price trend for other major producers, including Iran, Kuwait, and Iraq. These price benchmarks affect approximately 9 million barrels per day of crude oil shipments to Asia.


Concierge demand surges as CEOs relocate to

Concierge demand surges as CEOs relocate to
Updated 12 November 2025

Concierge demand surges as CEOs relocate to

Concierge demand surges as CEOs relocate to

RIYADH: As attracts a growing influx of CEOs and high-net-worth individuals, the demand for concierge and lifestyle management services is soaring — with requests becoming increasingly complex and personalized.

“There’s an avalanche of people, for all the reasons that you would know, relocating to ,” said Sir Ben Elliot, founder of global luxury concierge firm Quintessentially, in an interview with Arab News during TOURISE — the Saudi Ministry of Tourism-powered global summit held in Riyadh from Nov. 11–13.

For many new arrivals, the focus is on navigating practicalities: opening bank accounts, securing cars and drivers, hiring domestic staff, and finding schools for their children. “You need real proactive help to sort stuff out,” Elliot said. “Some of that stuff is a minefield.”

Over the past 18 months, demand has not only increased but also evolved, prompting Quintessentially to enhance its local operations. Elliot explained that the company is merging international expertise with Saudi talent to ensure high service standards from the outset.

“We brought people from our offices around the world working with young, brilliant, talented Saudis so that the service that you can expect when you arrive is really ticked off,” he said.

Elliot noted that Quintessentially’s outbound support for Saudi members is also expanding, reflecting the growing global mobility of Saudi travelers. “What we’re seeing from Saudis themselves is huge,” he said. “We have great people on the ground servicing that.”

According to Elliot, the definition of luxury is shifting from material possessions to emotion-driven, experiential value — especially among younger consumers. “If you think about the history of luxury, it has often been about things, materials,” he said. “They want to experience, they want to feel.”

He emphasized that brands in hospitality, retail, and travel need to focus on “meaningful human touch and relationships.”

Elliot highlighted ’s approach to merging sustainability with luxury as a key opportunity for the sector. “The Kingdom of is at the forefront of trying to marry sustainable development alongside a kind of luxury experience,” he said.

He pointed to Diriyah as an example of how cultural authenticity can coexist with modern hospitality and retail offerings. “Whenever I take friends who have never been to , to Diriyah, that to me is a physical manifestation of where culture (and) sustainability meets a pretty kind of modern experience,” he said. “It feels absolutely real and authentic.”

Elliot said hosting TOURISE in Riyadh was symbolic of the city’s rapid evolution. “Everyone can see what’s happened here in the last 6 or 7 years, it’s kind of seeing is believing,” he said.

He also reframed sustainability as a shared responsibility across industries, warning that leaders who fail to prioritize environmental and social impact risk alienating younger generations.

Despite the rise of technology, Elliot underscored that the essence of travel and tourism remains deeply human. “We humans want to interact with other humans,” he said.