Aramco Raises Asia, U.S. Oil Prices in Sign Demand Seen Rising
- Asia Arab Light increased by 30 cents to $3-a-barrel premium
- Saudis hike prices to highest since before onset of Covid
An employee near an oil processing facility in the Khurais oil field in Khurais, Saudi Arabia.
Photographer: Maya Sidiqqi/BloombergThis article is for subscribers only.
Saudi Arabia raised oil prices for buyers in Asia and the U.S. for September in a sign the world’s largest crude exporter sees demand continuing to recover despite a surge in coronavirus cases in some of the world’s main energy importers.
OPEC+, the oil-producers’ group led by the Saudis and Russia, agreed last month to ramp up production over the rest of the year. Most analysts still see the market facing a shortage of barrels amid a global economic recovery from the worst of the pandemic.