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Sunday, 4 September 2016

Saudi Arabia raises oil prices amid signs of growing demand | The National

Saudi Arabia raises oil prices amid signs of growing demand | The National:

"Saudi Arabia, the world’s largest crude exporter, has raised pricing for October oil sales to Asia and the United States in a sign of strengthening demand.

The state-owned Aramco increased its official selling price for Arab Light crude to Asia by 90 cents a barrel, to 20 cents below the regional benchmark, it said on Sunday. The company had been expected to raise Arab Light prices by 50 cents a barrel, to 60 cents less than the benchmark for Asian buyers, according to the median estimate in a Bloomberg survey of seven refiners and traders in the region.


Brent crude has dropped about half from its average price in 2014, when Saudi Arabia led Opec to maintain production to drive out higher-cost suppliers. The group decided at a June 2 meeting in Vienna to stick to its policy of unfettered production, with ministers united in their optimism that global oil markets are improving. Opec will meet again this month in Algiers."



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