OPEC Heavyweights Boost Oil Prices as Sanctions Hit Russian Flow
- Nations look to make most of Russia and Iran disruption risks
- Saudi, Iraq have raised prices for their main market for March
This article is for subscribers only.
Tough US sanctions on Russian oil are allowing the biggest Middle Eastern producers to raise prices for their main market by the most in years, and may help bring in additional petrodollars to meet crucial funding needs.
Iraq, the second-biggest supplier in the Organization of the Petroleum Exporting Countries, boosted the selling price of its main grade to Asia to the highest level since September 2022. Saudi Arabia had its own big increase last week while prices in the United Arab Emirates rose to the highest since September.