Saudi Arabia has unexpectedly raised oil prices for its main market of Asia, while also lifting those for US and European customers, Report informs referring to Bloomberg.
The moves came despite crude prices having fallen about 7% this year, as rising interest rates in the US and Europe counter optimism about a rebound in China’s demand following the ending of coronavirus lockdowns.
State-controlled Saudi Aramco increased most prices for crude that will be shipped to Asia in March. The company’s flagship Arab Light grade was lifted to $2 a barrel above the regional benchmark, 20 cents more than the price for this month.
It’s the first increase for the grade since September and goes against a Bloomberg survey of traders and refiners, which predicted a cut of 20 cents.
The kingdom raised all prices for European buyers by $2 a barrel, and most of those for the US by 30 cents.
Many OPEC members have sounded bullish about China - perhaps the single-biggest factor determining oil-price moves this year - in recent days.