Saudis Raise Oil Prices to Asia as OPEC+ Extends Output Cuts
- Arab Light for April sale to Asia climbs by 40 cents a barrel
- Crude to Asia set at highest premiums since March 2020
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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.