Commodities
Saudis Hike February Oil Prices to Asia More Than Forecast
- Aramco increases Arab Light crude to Asia by 60 cents a barrel
- Company raises prices for Europe but cuts for buyers in the US
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Saudi Arabia raised oil prices for buyers in Asia next month, in a sign the world’s largest crude exporter sees tighter supply in its largest market after OPEC+ recently delayed plans to ramp up production.
State oil producer Saudi Aramco set the price for its main Arab Light crude grade at a premium of $1.50 a barrel to the regional benchmark for February, the company said. That’s an increase of 60 cents, compared with a 10-cent hike forecast in a Bloomberg survey of traders and refiners.