Saudis Raise Crude Price to Asia as Vaccines Buoy Oil Market
- Arab Light crude pricing rises by 80 cents to 30-cent premium
- Increase shows high demand in Asia, largest market for Saudis
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Saudi Arabia raised oil pricing for customers in its main market of Asia after optimism over coronavirus vaccines caused crude prices to climb to an nine-month high last week.
The increase, the biggest in five months, indicates the world’s largest oil exporter is confident global energy demand is strong enough to absorb a small boost in output from OPEC+ members next month and that supply will remain tight even with parts of Europe and the U.S. in lockdown.