OPEC+ and Saudis Will Stay Cautious on Oil Output, Says Vitol
- ‘They are unlikely to change stance,’ says Vitol’s Mike Muller
- Biden is putting pressure on OPEC+ to raise production faster
An oil processing facility of Saudi Aramco at the Abqaiq oil field.
Photographer: Stanislav Krasilnikov/TASS/Getty Images
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Saudi Arabia’s larger-than-expected rise in oil prices is a signal it will continue resisting U.S. pressure to pump faster, according to Vitol Group.
Aramco hiked December prices for customers in Asia, the U.S. and Europe on Friday, a day after OPEC+ stuck to its plan to boost output only at a gradual pace. The state producer’s month-on-month increase in the official selling price, or OSP, for its main Asian grade was the third-largest this century, according to data compiled by Bloomberg.