Prices! Asian demand rebounded, with Saudi Arabia raising the price of crude oil in the region by $2.1/b

Saudi Aramco raised the price of Arabian Light crude destined for Asia by $2.
10 per barrel from June, a premium of $6.
50 per barrel over the Dubai/Oman benchmark quote due to a rebound in oil demand from major Asian economies following the easing of pandemic restrictions
.

Saudi Aramco also raised prices for all types of crude sold to northwestern Europe and the Mediterranean, though prices for its U.
S.
buyers remained unchanged
for the second month in a row.

It is reported that Saudi Arabia has previously raised the price
of oil for long-term contracts due to the surge in oil futures prices caused by the Russian-Ukrainian war.
Crude oil prices have climbed more than 50 percent this year to nearly $
120 a barrel.

Due to sanctions imposed by the United States and Europe, Russian crude oil exports have decreased, resulting in a shortage
of global crude oil supplies.
In addition, demand for oil has rebounded
as several Asian countries are easing pandemic control measures.

OPEC+ agreed on Thursday to accelerate production increases, raising crude oil production by 648,000 barrels per day in July and August, about 50 percent
higher than in recent months.

However, most analysts say OPEC+ is unlikely to meet its target as many members struggle to increase output because they do not have excess capacity, and only a few countries such as Saudi Arabia and the UAE have large spare capacity
.