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 OPEC+ members next month and that markets will remain tight even with parts of Europe and the U.S. in lockdown.
The Saudis lowered prices in September, October and December as virus cases surged, crimping demand for crude demand.
This time, state producer Saudi Aramco raised pricing for Arab Light crude for Asia by 80 cents a barrel to 30 cents above the benchmark. Aramco had been expected to increase pricing for the grade by 65 cents, according to a Bloomberg survey of seven traders and refiners.
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