Anonymous ID: 9d5866 June 7, 2020, 9:05 a.m. No.9520203   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun   >>0289 >>0365

Saudis Seek to Bolster Oil Rally With Price Boost as OPEC+ Cuts

 

audi Arabia made some of the biggest increases in pricing for its crude exports in at least two decades, doubling down on its strategy to bolster the rally in oil a day after OPEC+ producers extended historic output cuts.The steepest jump will hit July exports to Asia, state producer Saudi Aramcoโ€™s largest regional market, according to a pricing list seen by Bloomberg. Overall, the increases for Saudi crude erase almost all of the discounts the kingdom made during its one-month price war with Russia. Tighter crude supply is helping repair an oil market battered by the coronavirus. Unprecedented output cuts led by the Saudis and Russia boosted prices in May, and the OPEC+ group decided Saturday to extend those limits through July. Brent crude, down 36% this year, has clawed back some of its losses and ended trading on Friday at more than $40 a barrel for the first time since March.

 

It raised July pricing for all grades to Asia by between $5.60 and $7.30 a barrel. That compares with an expected increase of about $4 a barrel, according to a Bloomberg survey of eight traders and refiners.

 

Buyers in the U.S., the Mediterranean region and Northwest Europe will also pay more for oil.

https://www.bloomberg.com/news/articles/2020-06-07/saudis-raise-crude-pricing-to-all-regions-as-opec-extends-cuts