Saudi Arabia raised pricing for its crude for shipment to Asia and the U.S. next month after OPEC+ extended oil supply constraints, pointing to a tightening physical market.
The world’s biggest crude exporter is boosting pricing for barrels sold eastwards to the highest levels since just before the Saudis unleashed a brief price and supply war a year ago. It suggests the Saudis see demand growth continuing even after Thursday’s shock OPEC+ decision to keep oil supply largely unchanged sent Brent crude higher.
