Saudi Arabia Lifts Oil Pricing in Show of Confidence on Demand
- Arab Light crude pricing to Asia increased for second month
- Oil prices rising as supplies tightened on unexpected outages
Saudi Aramco Raises Asia Oil Pricing
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Saudi Arabia lifted oil pricing for Asian and U.S. customers, a sign the world’s biggest crude exporter is confident that demand is finally eroding a global supply glut.
State-owned Saudi Arabian Oil Co. raised its official selling price for Arab Light crude in Asia for the second consecutive month, the first back-to-back increase since May 2015, to the highest level since September 2014. Saudi Aramco is the first Gulf country to give July pricing, and major producers including Iraq and Iran typically follow Saudi Arabia. Supply and demand are coming into balance, and oil prices will keep recovering, Saudi Arabia Energy Minister Khalid Al-Falih told reporters in Vienna on Thursday.