Saudi Aramco Raises Selling Price of Flagship Crude to Asia as OPEC+ Cuts Output

Saudi Aramco

According to price sheets viewed by Bloomberg, Saudi Aramco, the state-owned oil company, has increased its selling price for its flagship Arab Light crude to Asia by 30 cents a barrel, marking the third consecutive month of price boosts.

Preceding the surprise decision by the Organization of Petroleum Exporting Countries and its allies to cut more than 1 million barrels per day of output from next month, traders anticipated a 43-cent per barrel price fall.

The decision by the cartel, led by de facto leaders Saudi Arabia and Russia, prompted oil prices to surge by as much as 8.4% on Monday, resulting in banks increasing their price forecasts. Aramco’s prices for northwest Europe and the Mediterranean have been maintained.