Saudi Arabia Increased The Oil Prices In Asia

Saudi Arabia increased the oil prices in Asia. Saudi Arabia stated that it made this increase after OPEC+.

Saudi Arabia raised crude oil prices for buyers in Asia after US President Joe Biden rejected a call from OPEC+ to increase oil production. Aramco, Saudi Arabia's national oil company, reported that it raised the price of crude oil for Asian oil consumers from $1.40 to $2.70 in December. According to a survey conducted last week, Saudi Arabia was projected to increase by 50 cents to $1 a barrel. Amrita Sen, Petroleum Analyst at Energy Aspects Ltd, said, "Saudi Arabia's official selling prices came in stronger than expected for December." Saudi Arabia makes more than 60 percent of its crude oil exports to Asian countries such as China, South Korea, Japan and India. US President Joe Biden asked OPEC to increase oil production to reduce rising oil prices. With the decision taken on November 4, the oil cartel OPEC and its allies decided to continue the current supply increase plan against the warnings from many countries, especially the USA, to increase oil production. After a short meeting, OPEC+ countries stated that they are sticking to their plan to increase 400,000 barrels per day for December.