Saudi Arabia Raises Crude Oil Prices, Risking Demand Suppression

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Written By Jennifer Joslyn

Saudi Arabia's state-owned oil company, Saudi Aramco, increased the prices of its crude oil in Europe, the Mediterranean, and Asia, contrary to expectations. The price hikes, particularly in Europe and the Mediterranean, could potentially stifle demand for Saudi Arabian barrels. The move comes as Saudi Arabia aims to support oil prices, aided by a supply cut from OPEC+ ally Russia, although the impact on benchmark futures has been limited so far.

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Jennifer Joslyn
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