Move suggests demand remains strong as the Opec producer and other exporters keep supply tight, analysts say
Tokyo — Oil prices rose on Monday after Saudi Arabia’s state-owned oil producer, Aramco, raised the official selling price for its crude, suggesting demand remains strong amid tighter supplies.
Aramco late on Friday raised its December official selling price to Asia for its Arab light crude to $2.70 a barrel vs Oman/Dubai crude, up $1.40 from this month. Opec and allies such as Russia, together known as Opec+, agreed last week to stick to their plan to raise oil output by 400,000 barrels per day from December.
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