Aramco Increase Crudes’ Price

A day following OPEC+ alliance decision to sideline calls to pump more crude and supplies into the world oil market, Aramco, the Saudi energy giant, sharply raised the official selling prices, Bloomberg reported.

Aramco raised the price for the main Arab Light crude for Asian customers, for December, from $1.40 to $2.70, a barrel.

Some market analysts remarked that rate of the latest increase, is the biggest hike, almost, in 20-year.

Such increase has belied expectations, that any increase to Aramco crudes’ price, would range from 50 cents to one dollar, a barrel, according to a well-established study, appeared last week.

Subsequently, the market is widely forecast to continue with a supply that is short of meeting the post-pandemic recovering demand, in the short run, if not all through the medium, too.

Unless an afterthought decision that may be taken by OPEC+, later on, would manage to restore the balance to the market.