Saudis Lift Oil Price to Asia After OPEC+ Extends Output Cuts
- Aramco raised Arab Light crude, above market expectations
- OPEC+ extended output limits through first half of the year
OPEC+ is extending curbs on crude production to at least the end of June in a bid to avert a global surplus and shore up prices.
Photographer: Gaby Oraa/BloombergThis article is for subscribers only.
Saudi Arabia increased prices of its main oil grade to buyers in Asia next month after the OPEC+ group agreed to extend output cuts into the middle of the year.
Crude has traded in a tight range around $80 a barrel in London this year as concerns over demand and sluggish economic growth outweigh geopolitical risks linked to the war in the Middle East and attacks on ships around the Red Sea.