Saudi oil giant ups crude prices for Asian buyers amid tightening supply

Quick Summary:

This decision aims to manage supply amid weak demand and rising production from non-Opec+ countries.

Indian state refiners are also turning to crude from West Asia to offset reduced availability of cheaper Russian oil.

Opec+, which controls about half of the world’s oil supply, decided in December to delay planned output increases until April 2025 and extended production cuts through the end of 2026.

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Category: BusinessFinance

Markets: IndiaChina

Topics: Saudi oil exports Asia Iranian crude sanctions India crude oil demand growth Crude oil price news Crude oil price rise india Opec+ production cuts Saudi Aramco crude price increase Saudi Aramco Crude oil price hike Russian oil disruptions February 2025 oil prices India crude oil price Arab Light crude price hike

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Article Type: News Report

Published On: 2025-01-06 @ 17:36:32 (4 days ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 412 words

Reading Time: 3 minutes read

Sentences: 19 lines

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News ID: 24915297

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