Saudi Arabia raised oil pricing for customers in its main market of Asia after optimism over coronavirus vaccines caused crude prices to climb to an eight-month high last week, APA reports citing Bloomberg.
The increase, the biggest in five months, indicates the world’s largest oil exporter is confident global energy demand is strong enough to absorb a small boost in output from OPEC+ members next month and that supply will remain tight even with parts of Europe and the U.S. in lockdown.
The Saudis had kept prices low for most of the fourth quarter as virus cases surged, crimping demand for crude.
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