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Saudis raise oil prices for key Asian market as a sign of confidence

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Saudi Arabia has raised prices for oil shipments to customers in its main Asian market for the next month, signaling the kingdoms’ confidence in the region’s economic recovery.

The move comes after the Saudi-Russian-led OPEC cartel agreed to increase daily crude production by more than 2 million barrels between May and July.

Aramco, the Saudi state-owned energy company, will raise prices for its qualities for Asia by 20 to 50 cents a barrel, according to a person familiar with the matter. It will raise the Arab Light’s key score for the region by 40 cents from April to $ 1.80 a barrel above the benchmark. The company was expected to raise the rating by 30 cents, according to a Bloomberg survey of eight traders and refiners.

Most prices for customers in Northwest Europe will not be changed, although Arab Light for the region will drop 20 cents to $ 2.40 below the benchmark. Most notes in the United States will be reduced by 10 cents.

Prices for Asia have been higher than those for Europe and the United States for several months, in part due to energy demand in the latter two which are recovering more slowly from the coronavirus pandemic.

The Organization of the Petroleum Exporting Countries and its allies like Russia – a group of 23 countries – on Thursday agreed to increase production by 350,000 barrels per day in May, to add the same volume again in June and 450,000 barrels. additional per day in July.

In addition, Saudi Arabia – the world’s largest oil exporter – will reverse a unilateral reduction of one million barrels per day during the same period. It will add 250,000 barrels per day in May, 350,000 in June and 400,000 in July.

Saudi Energy Minister Prince Abdulaziz bin Salman told his counterparts at the meeting that OPEC still needs to be cautious until the global economic recovery is complete. The group began unprecedented production restrictions last May to support oil prices and still holds several million barrels a day on the market.

For more items like this, please visit us at bloomberg.com

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