Saudi Arabia has signalled its confidence in Asia’s economic recovery by raising its prices for oil shipments to customers in its main Asian market, Bloomberg reports. This comes after the Organisation of the Petroleum Exporting Countries (OPEC) agreed to boost daily crude production by more than 2 million barrels between May and July.
According to a statement, Aramco, the state’s energy firm, will upgrade the oil for Asia within the range of 20 and 50 cents a barrel. The Arab Light grade for the region will increase by 40 cents in April to $1.80 per barrel. Bloomberg survey also says that Aramco will increase the grade by 30 cents.
The prices for North West European customers would not be changed through the Arab Light for the region will drop by 20 cents to $2.40 below the benchmark. Most grades to the United States of America will be cut by 10 cents. Bloomberg reports that Saudi Arabia will roll back a unilateral 1-million barrel-a day cut over the same period. It will add 250,000 barrels a day in May, 350,000 in June and 400,000 in July. Saudi Energy Minister Prince Abdulaziz bin Salman told counterparts at the meeting that OPEC still needed to be cautious until the global economic recovery is complete.
The group started unprecedented production curbs last May to bolster oil prices and is still holding back several million barrels a day from the market.
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