Saudi Arabia raises crude prices for Asia
Saudi Arabia, the world's top oil exporter, has raised the prices of its flagship crude for Asian buyers for the third straight month.
The official selling price (OSP) for May-loading Arab Light to Asia was raised by 30 cents a barrel from April to $2.80 a barrel over Oman/Dubai quotes.
The price increase is in line with a Reuters survey of sources from Asian refiners and follows a production cut from the Organization of the Petroleum Exporting Countries and their allies (Opec+) which is expected to tighten the supply from the Middle East.
The Opec+ group caught the market off guard on Sunday by announcing a 1.16 million barrels per day (bpd) cut from May to the rest of the year.
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