Saudi Arabia raised prices for oil shipments to customers in its main market of Asia for next month, signaling the kingdom’s confidence in the region’s economic recovery.
The decision comes after the OPEC cartel, led by the Saudis and Russia, agreed to boost daily crude production by more than 2 million barrels between May and July.
Aramco, the Saudi state energy firm, will increase prices of its grades for Asia by between 20 and 50 cents a barrel, according to a person familiar with the matter. It will raise the key Arab Light grade for the region by 40 cents from April to $1.80 per barrel above the benchmark. The company had been expected to hike the grade by 30 cents, according to a Bloomberg survey of eight traders and refiners.
