FX.co ★ Saudis export oil to US, Europe and Asia at higher price

Saudi Arabia, the world’s biggest oil supplier, increased prices for its crude to buyers from the United States, Europe and Asia, Bloomberg reported on Thursday, February 2, citing the state-owned Saudi Aramco company.
The price for Arab Light crude to Asia was boosted by 30 cents, but the final cost was not announced, the agency reports. Besides, the company raised pricing in the United States, Northwest Europe, the Mediterranean region, and Asia, according to Bloomberg.
On February 2, Brent futures for April delivery rose by 0.7% to the level of $57.20 per barrel at 5:00 pm UTC+3. Futures for WTI crude appreciated by 0.54 percent on day to $54.17 per barrel.
The agreement between Russia and the OPEC countries on output curbs came into force early this year. It will be effective for a half-year and can be prolonged. Besides, in November last year the cartel agreed to cut production by 1.2 million barrels per day during the summit in Vienna.
In November 2016 Saudi Arabia ramped up oil production to the record high of 10.72 million barrels per day.