Saudi Arabia Hikes Key Oil Prices Further as Market Tightens
- Gain is the second consecutive increase in pricing to Asia
- OPEC+ leaving production policy unchanged through June
Crude oil storage tanks at an oil refinery and terminal in Ras Tanura, Saudi Arabia.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Saudi Arabia hiked the price of its flagship crude to its main buyers in Asia for next month after OPEC+ agreed to keep current supply cuts in place and as the Middle Eastern oil market shows signs of strengthening.
State-owned Saudi Aramco raised the official selling price of Arab Light crude for Asia to a premium of $2 a barrel to the regional benchmark for May sales, according to a price list seen by Bloomberg.