Skip to content
Subscriber Only

Saudis Make Biggest Oil Price Hike in 20 Years After OPEC+ Cuts

  • Aramco raises official oil pricing globally as supply tightens
  • OPEC+ decided Saturday to extend production cuts through July
Aramco Saudi Oil
Photographer: Simon Dawson/Bloomberg

Saudi Arabia made some of the biggest price increases for crude exports in at least two decades, doubling down on its strategy to bolster the oil market after OPEC+ producers extended historic output cuts.

The steepest jump will hit July exports to Asia, state producer Saudi Aramco’s largest regional market, according to a pricing list seen by Bloomberg. Overall, the increases for Saudi crude erase almost all of the discounts the kingdom made during its brief price war with Russia.