Saudi Arabia raised its pricing for June oil sales to Asia by the most since April 2015, a sign that the world’s biggest crude exporter expects demand to recover, Bloomberg reported. Saudi Aramco increased its official selling price for Arab Light Crude to Asia by $1.10 a barrel, which is $0.25 more than the prices of regional benchmarks Oman and Dubai.
According to the Financial Times, the last time there was an increase this big was more than a year ago, when Aramco lifted April 2015 prices by $1.40.
The Middle East producer is boosting the cost of its oil to the largest consuming region amid unplanned supply outages and disruptions, which result in curbing a global glut. Yet, signs of higher oil demand globally emerge.