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Saudi Aramco Raises Crude Prices for Asia, US After Slashing Output – Reports

MOSCOW (Sputnik) - Saudi Arabia’s state-run energy giant Saudi Aramco has raised crude prices for US and Asian customers in February, the Bloomberg news agency said Wednesday.
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The move follows the Gulf monarchy’s decision to unilaterally cut oil output by 1 million barrels a day through March under a deal between OPEC and the Russia-led group of oil exporters.

The price of Aramco's benchmark Arab Light crude exports to the US and Asia went up by 70 cents from January, higher than the median 40 cents calculated by Bloomberg.

The crude price for northwestern Europe and the Mediterranean region has been lowered to offset a drop in demand caused by the coronavirus pandemic and lockdowns, which were renewed in December.

On Tuesday, the kingdom's Energy Minister Prince Abdulaziz bin Salman said that Saudi Arabia would reduce oil output by 1 million barrels per day for February and March at their will, thus bringing its daily production to 8.125 million barrels.

Other OPEC+ members agreed to slash an additional 425,000 barrels daily over the same period of time, while only Russia and Kazakhstan were allowed to increase their oil production a little for the next two months.

 

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