2024-04-09 03:43:42
The Saudi oil company Saudi Aramco has raised selling prices for its oil for buyers in Asia for May amid the extension of oil production cuts by a number of OPEC+ countries and increasing tensions in the Middle East market. This was reported by Bloomberg with reference to company data, Day.Az reports with reference to TASS.
According to the agency, the price of Arab Light oil for Asian buyers has been increased by $0.3 per barrel. Thus, the price turned out to be $2 higher than the regional benchmarks Oman/Dubai. At the same time, traders, as Bloomberg notes, expected an increase in the cost of Saudi oil for Asia by $0.1 per barrel.
At a meeting on April 3, the OPEC+ ministerial monitoring did not make recommendations on changing the alliance’s oil production policy. From the first quarter of 2024, several alliance countries, including Russia and Saudi Arabia, are voluntarily reducing oil production by a total of 2.2 million barrels per day to balance the market. Initially, the measure was supposed to be in effect only during the first quarter, but in early March the alliance countries extended its validity into the second quarter.
At the same time, Brent quotes remained at about $85 per barrel for almost the entire March, and on the eve of April 3, for the first time since the end of October 2023, they rose above $91 per barrel. Russian Deputy Prime Minister Alexander Novak said that the current increase in oil prices is associated with the tense situation in the Middle East.
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