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Saudi Arabia has raised oil prices for buyers in Asia and the United States, indicating that demand will remain strong
despite the spread of the Omicron variant.
On December 2, the 23rd OPEC+ Ministerial Meeting was held
online.
In the end, OPEC+ maintained its existing agreement to increase production by 400,000 b/d in January, surprising the market
.
Saudi Aramco will raise the price of all grades of crude destined for Asia and the
United States in January, according to a statement released by Saudi Aramco.
Since December, the company has raised its key Arabian Light crude grade for Asian customers by 60 cents to $
3.
30 a barrel above its benchmark.
Raise the price again
OPEC+ decided on Thursday to continue the supply increase next month, although new confirmed cases of the new coronavirus could reduce market demand, and the alliance predicted that the oil market would move from a supply shortage to an oversupply
in early 2022.
Since the end of November, Brent crude prices have fallen 15% to below $70 a barrel, reducing their gains this year to 35%.
The main reasons for the drop in oil prices are the discovery of the Omicron variant of the coronavirus and the possibility of releasing more strategic reserves of oil into the market by major importers such as OPEC+ and the United States, all of which want to reduce domestic fuel costs
.
Saudi Aramco is bullish on oil demand
Although Aramco's price increase is in line with a survey of Asian traders and refiners, it shows optimism
in the company's management.
Saudi Aramco CEO Amin Nasser said last week that he was "very optimistic about demand" and believed the market was overreacting
to Omicron.
Saudi Arabia exports more than 60 percent of its crude oil to Asia, with China, South Korea, Japan and India being the largest buyers
.
Saudi Aramco's Official Selling Price (OSS) is the leader in the oil market and typically leads pricing trends
in the region.
Most Middle Eastern countries set monthly prices as a premium or discount
on the benchmark.
