Saudi Arabia indicated by boosting the majority of the pricing for crude exports to those countries that it anticipated an increase in oil demand in Asia and Europe.
Although oil futures have slightly declined this year, many energy traders and executives expect them to rise as China's economy strengthens following the lifting of coronavirus lockdowns and inflation slows in other major economies. They may even reach $100 per barrel.
Most official selling prices for Asia were hiked in April by state-controlled Saudi Aramco. The main Arab Light grade of the company was increased by 50 cents to $2.50 per barrel over the regional benchmark.
Pricing for US clients remained the same. Those for the Mediterranean and North-West Europe increased by as much as $1.30 per barrel.
This year, Brent crude has fallen 1% to a little over $85 a barrel. Since the middle of 2022, it has decreased from about $115, as slower global growth and rising interest rates have offset supply problems brought on by Russia's war in Ukraine.
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