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Saudi Arabia will increase crude oil prices in May, these countries will have to pay more

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Saudi Arabia is expected to raise crude oil prices for Asia. Traders said top oil exporter Saudi Arabia could push crude prices for Asia to new highs in May, tracking strong gains in Middle East benchmarks amid disruption in global supply following Western sanctions on Russia.

According to a report, its survey shows that the official selling price (OSP) of the leading Arab light crude may increase from an average of $5 a barrel in May to about $10 a barrel from Oman/Dubai. Highest grade.

Refiner margins for medium distilleries rose to an all-time high this month as Russia cut refining output and diesel exports. However, spot premiums have halved from last week’s peak in sluggish trading, prompting some buyers to demand a slight rise in Saudi oil prices.

Meanwhile, Russia has offered to sell crude oil at a discount of $ 35 per barrel against the current international market price. The Modi government is seriously considering Russia’s offer. Russia has also offered to take responsibility for shipping and insurance costs while selling crude oil to India.

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