Aramco raises oil prices after Opec+ defies Biden

RIYADH: Saudi Arabia sent another bullish jolt into the oil market a day after Opec+ ignored President Biden’s calls for more oil, raising sharply the official selling price of all the nation’s crudes to all buyers.

Aramco increased pricing for its key Arab Light grade of crude for Asian customers in December by US$1.40 to US$2.70 (RM5.82 to RM11.23). The state producer had been expected to raise it by between 50 US cents and US$1 (RM2.08 and RM4.16) a barrel, according to a survey last week.