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Saudis Raise Oil Prices by Most in 20 Years to Bolster Rally

  • Aramco raises official oil pricing globally as supply tightens
  • OPEC+ decided Saturday to extend production cuts through July
This Is Where Saudi Arabia Gets Its Oil

Photographer: Simon Dawson/Bloomberg

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Saudi Arabia increased prices for some crude exports by the most in at least two decades, doubling down on a strategy to bolster the oil market after OPEC+ producers extended historic output cuts over the weekend.

The steepest jump in July exports will hit buyers in Asia, state producer Saudi Aramco’s largest market, according to a pricing list from the company on Sunday. The increases erase almost all of the discounts the kingdom made during its price war with Russia earlier this year.