Saudis Raise Oil Pricing to Asia as Refining Margins Improve
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Saudi Arabia, the world’s largest crude exporter, raised pricing for May sales to Asia as refining margins improved for buyers in the country’s biggest market.
State-owned Saudi Arabian Oil Co., known as Saudi Aramco, raised official selling prices for Asia for a second straight month as refiners that buy its crude earned more for turning oil into gasoline and diesel. The country’s oil minister said global demand was improving as lower prices boost use.