Saudi Arabian national oil company Saudi Aramco has increased the price of next month Arab Light oil to $9.35 a barrel, sent to Asia. In April, that figure was $4.40. Traders surveyed by Bloomberg were also expecting an increase in prices.
Saudi Arabia’s move comes after OPEC+’s decision on Thursday to gradually increase oil production. OPEC+, which consists of 23 countries led by Saudi Arabia and Russia, left unanswered calls from some countries, including the USA, to speed up production to prevent price increases.
The invasion of Ukraine by the Moscow government caused turmoil in the financial markets, and the price of oil per barrel exceeded 100 dollars.
Many buyers stopped importing oil from Russia with this development. Independent energy and commodities trading company Vitol Group has forecasted that oil flows from the country will decrease in the range of 1-3 million barrels by the third quarter.