Petroliam Nasional Bhd, Malaysia’s state oil and gas company, increased a price-adjustment factor for its benchmark Tapis crude to a record for a third month.
Petronas, as the Kuala Lumpur-based company is known, raised the factor to US$5.30 a barrel for November, up from US$4.20 in October, said an official today, asking not to be identified because of corporate policy.
The factor averaged 59 cents last year and US$2.48 in 2008. - Bloomberg
