Saudi Arabia Hikes Oil Prices to Asia After OPEC+ Shock Cuts
- Saudis raise May Arab Light price to Asia by 30 cents a barrel
- Traders had expected a drop before OPEC+ output cut decision
Saudi Aramco's oil refinery and oil terminal in Ras Tanura, Saudi Arabia.
Photographer: Simon Dawson/Bloomberg
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Saudi Arabia hiked official selling prices for all of its oil sales to Asian customers in May, days after the kingdom led a surprise OPEC+ output cut.
State-owned Saudi Aramco raised its selling price for flagship Arab Light crude to Asia by 30 cents a barrel, boosting prices for a third consecutive month, according to price sheets seen by Bloomberg. Traders who were surveyed before the shock OPEC+ decision had expected Arab Light prices to fall by 43 cents a barrel.