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Saudi Arabia Raises Oil Prices for Asia and Europe in April Pointing to More Demand

In a move signaling increased demand for oil in Asia and Europe, Saudi Arabia has raised the price of most crude oil sent to these regions. This is in line with many energy executives’ expectations that crude oil prices may rise to $100 per barrel this year.

China’s economy is expected to recover after the lifting of lockdown measures to control the COVID-19 disease, while inflation in large countries has dropped, further driving demand for oil.

Saudi Aramco, the Saudi state oil company, raised most of its official selling prices for Asia in April, with the price of Arab Light crude rising to $2.50 per barrel, up 50 cents from March levels. This marks the second consecutive month that Aramco has raised oil prices for Asia, its biggest market.

Petrol prices for US customers remain unchanged, but the price for North-West Europe and the Mediterranean has risen by as much as $1.30 a barrel.

The increase in oil prices indicates Saudi Arabia’s confidence in the recovery of the global economy and the consequent demand for oil. This move is expected to have a significant impact on the oil market and may lead to a further rise in crude oil prices in the coming months.

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