Saudis Hike Oil Prices to Asia Despite More OPEC+ Supply
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Saudi Arabia raised prices for its crude oil for buyers in Asia next month despite OPEC+ announcing another larger-than-expected jump in production for June.
The Saudis and seven other members of the producer group agreed over the weekend to accelerate the unwinding of their output curbs. The increase of 411,000 barrels a day for June is more than three times what the group had earlier indicated and follows a similar jump for this month.