Saudi Arabia hiked oil prices for Asian and US clients just days after Opec and its partners unexpectedly increased output.
Despite the development of the omicron strain of the coronavirus, the world’s largest crude exporter continues to enjoy solid demand in its two key markets.
Saudi Aramco, the state-owned oil company, raised prices in January for all crude grades that will be exported to Asia and the United States. From December to January, the business increased the crucial Arab Light grade for Asian consumers by 60 cents to $3.30 a barrel over a benchmark.
According to a survey of six Asian dealers and refiners conducted on Friday, Aramco was likely to hike pricing for the long-term Arab Light contracts by 70 cents per barrel.
Even as fresh Covid-19 instances threaten to sap demand, Opec+, chaired by Saudi Arabia and Russia, decided on Thursday to proceed with a supply increase next month. If the market worsens, Opec+ indicated it could adjust its plans on short notice.