The largest Asian buyers of Saudi oil will pay 20 cents more from June, Bloomberg reported, citing Saudi Aramco.
This concerns the increase in prices for all crude oil, including the main Arab Light grade. Previously, it was expected that the cost of this energy source would increase by 30 cents. It is assumed that such an increase in price will partially offset the recent decline in prices.
Then higher OPEC+ production and the global trade war of US President Donald Trump led to an almost 20 percent drop in oil prices. This should have affected Riyadh’s plans to fulfill its ambitious Vision 2030 plan to modernize the economy. In order to finance the construction of new tourist resorts, create jobs and ensure industrial development, the Saudis need oil prices exceeding $100 per barrel.
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