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Saudi Arabia Lifts Oil Prices To Asia After OPEC Surprise Cut

OIL

Saudi Arabia hiked official selling prices for all of its oil sales to Asian customers for May after the kingdom led the surprise OPEC+ output cut on Sunday according to Bloomberg.

  • Saudi Aramco raised its selling price for flagship Arab Light crude to Asia by 30ct/bbl.
  • Traders who were surveyed before the OPEC+ decision had expected Arab Light prices to fall by 43ct/bbl.
  • As part of the new voluntary production cuts, Saudi Arabia will cut output by 500kbpd from May onwards.

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