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Saudi Arabia makes a surprise move on oil prices


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Saudi Arabia, the world’s largest oil exporter, has raised selling prices for its oil for March in Asia, Europe and the US, Bloomberg reported today, Monday.

The move came despite crude oil prices falling about 7% this year as rising interest rates in the US and Europe capped the price of black gold despite optimism about a recovery in demand in China after the end of the lockdown due to coronavirus. virus.

Aramco decided to raise the official selling price of Arab Light in Asia by 20 cents to $2 a barrel above the Sultanate of Oman/Dubai average prices. This is the first increase in prices for this type of oil since September last year.

Saudi Arabia also raised all European buyer prices by $2 a barrel and most US prices by about 30 cents.

Many OPEC members are optimistic about China, which has recently been a major factor supporting oil prices.

OPEC Secretary General Haytham Al-Ghais expressed optimism about China, and the head of the Kuwaiti state-owned energy company told Bloomberg that consumption by the world’s largest importer of crude oil is already on the rise.

Source: Bloomberg.

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