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Saudi Arabia Hikes Oil Prices For Asian Buyers As Supply Crunch Hits | OilPrice.com

Saudi Arabia has increased its official selling prices for all crude oil grades for Asian buyers with delivery in June as a supply crunch resulting from U.S. sanctions on Iran and Venezuela opens an opportunity to boost revenues.

Bloomberg reports the price for Arab Light with a June delivery date is now the highest in almost a year, with Arab Medium selling at the highest price since the end of 2013, and Arab Heavy at a six-year high. Heavy grades are in particularly great demand among Asian refiners and supply is falling because of Venezuela’s continued production decline and political woes that are aggravating the situation.

According to a Reuters update, Saudi Arabia’s Arab Light for June delivery sells at a premium of US$2.10 per barrel to the Oman/Dubai average, up by US$0.70 per barrel from cargoes for May delivery. Riyadh also raised the price of this most popular among its grades for Europe, by US$0.80 a barrel from the price of shipments for May delivery. The price for oil exports to the United States, however, was reduced.

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Saudi Arabia Hikes Oil Prices For Asian Buyers As Supply Crunch Hits | OilPrice.com.

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