Saudis Increase Oil Prices for Asia Customers as Market Tightens
- Aramco raises Arab Light for Asia by 20 cents to $1.90 premium
- Move comes after OPEC+ said oil stocks would decline steeply
An employee looks out across oil pipes at the North Pier Terminal, operated by Saudi Aramco, in Ras Tanura, Saudi Arabia.
Photographer: Simon Dawson/Bloomberg
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Saudi Arabia increased oil prices for customers in its main market of Asia by more than expected after crude surged above $70 a barrel and OPEC forecast that global demand would heavily outstrip supply over the rest of the year.