Saudi Arabia has increased the price of its flagship crude oil for the third consecutive month, targeting markets in Asia.

Quick Summary:

The hike highlights Saudi Arabia’s efforts to keep the market tight amid fading war risk in the Middle East, which has helped drive oil prices in London lower.

It compares with an increase of 60 cents forecast in a Bloomberg survey of six refiners.

As a result, supply curbs agreed by the group and its allies at the start of the year to avert a surplus are still unfinished.

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Article Details

Author / Journalist: Bloomberg

Category: Business

Markets: Hong KongChinaIraqIsraelSouth KoreaOmanSaudi ArabiaUnited Arab Emirates

Topics: Crude Asia Month Bloomberg Aramco Arabia Saudi Price Raised Prices Jiddah

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-05-06 @ 14:07:46 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 362 words

Reading Time: 3 minutes read

Sentences: 14 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 20886952

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