12:26 - 6.03.2026

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March 6, Fineko/abc.az. State-owned Saudi Aramco raised the April price of main grade Arab Light for buyers in Asia by $2.50 per barrel, the highest increase since August 2022.

ABC.AZ reports that the decision relates to escalation of the conflict in the Middle East and the de facto closure of the Strait of Hormuz, the most important oil supply route.

The company also increased prices for Europe and the Mediterranean by $3.50 and for North America by $2.50 per barrel. Due to the shutdown of shipping through the Strait, Saudi Arabia is redirecting exports through the Yanbu port on the Red Sea via an oil pipeline with capacity of 5 million b/d.

Amid logistical problems, refineries in the region are also starting to cut production, as export opportunities are limited.