SAUDI ARAMCO RAISES OIL PRICES FOR ASIA IN FEBRUARY

Saudi Arabia’s state-owned oil and gas company Saudi Aramco has raised oil prices for February for Asian buyers, Bloomberg reports, citing the company.

“Saudi Arabia raised oil prices for buyers in Asia next month, a sign that the world’s largest oil exporter may face supply constraints in its biggest market after OPEC+ earlier shelved plans to increase output,” the agency wrote.

The price of Arab Light for Asian buyers is now $1.5 a barrel higher than the February Oman/Dubai basket, up $0.6 from January’s premium. Analysts polled by the agency had expected a rise of just $0.1.

Saudi Aramco is the national oil and gas company of Saudi Arabia, founded in 1933. The company has operations in the world’s three major energy markets: Asia, Europe and North America.