S. Arabia raises oil prices for Asia 

Saudi Arabia’s Aramco, the world’s top oil exporter, decided on Monday to increase oil prices for Asian buyers in February, signalling expectations of tighter supply in its largest market. The move follows OPEC+’s recent decision to delay production hikes.

The state oil giant raised the price of its flagship Arab Light crude by 60 cents, setting it at a $1.50 premium per barrel to the regional benchmark. Other grades sold to Asia saw price increases of 40-60 cents per barrel.

Prices for Mediterranean and Northwestern Europe buyers also rose, while US buyers saw cuts.

Global oil prices, hovering near $75 per barrel, have struggled to recover due to weak demand growth, particularly in China.

Despite Middle East geopolitical risks, traders remain focused on potential policy shifts under Donald Trump’s incoming US administration, which could influence supply through production increases or sanctions.

OPEC+, led by Saudi Arabia and Russia, has postponed planned production increases for three months to avoid oversupply, extending output curbs into 2024.

Attribution: Reuters

Subediting: Y.Yasser