Saudi Arabia Sets Official Oil Sale Price

Saudi Arabia has raised the prices of its main crude oil for buyers in Asia for the upcoming month, after the "OPEC+" agreement to extend production cuts until mid-year. Saudi Aramco increased its main light crude price for Asia by about $1.7 per barrel above the regional benchmark (the standard crude price in the Middle East). This premium comes higher than expectations in a survey of refineries and traders last week. The OPEC+ group agreed to extend the voluntary production cut of 2.2 million barrels per day into the second quarter of 2024 to avoid a global surplus and support prices.