Saudi Arabia Hikes Its Oil Prices to Asia as Supply Tightens ...Middle East

The world’s top crude oil exporter, Saudi Arabia, has raised the price of its crude loading for Asia in February by more than expected as supply in the world’s largest-importing region is tightening with the continued OPEC+ cuts and reduced volumes from Iran and Russia. Saudi state oil giant Aramco has raised the price of its flagship crude grade, Arab Light, by $0.60 per barrel to a premium of $1.50 a barrel over the Oman/Dubai average, the benchmark off which Middle Eastern crude going to Asia is priced, a price list seen by Bloomberg…

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