Saudi Arabia raised oil pricing for customers in its main market of Asia after optimism over coronavirus vaccines caused crude prices to rise to an eight-month high last week.
The increase, the biggest in five months, indicates the world’s largest oil exporter is confident global energy demand is strong enough to absorb a small boost in output from The Organization of the Petroleum Exporting Countries(OPEC+) members next month and that markets will remain tight even with parts of Europe and the US in lockdown.
The Saudis lowered prices in September, October, and December as virus cases surged, crimping demand for crude demand.
