The Market Is Well Supplied - So Why Is Saudi Arabia Raising Oil Prices? ...Middle East

OPEC+ served two surprises to the oil trading world in a matter of weeks. First, it said it would bring back three times the amount of oil supply it planned to originally in May. Then, it said it would repeat the exercise in June. And then it emerged that Saudi Arabia is raising selling prices for Asia when it would have made more sense to cut them, on the face of it. OPEC+ is in the spotlight and it’s probably enjoying it as prices slide further down and U.S. shale drillers curb activity. OPEC+ said in April it would add 411,000 bpd to its…

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