Saudi Arabia plans to raise light crude prices

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Top oil exporter Saudi Arabia may raise prices of light crude grades to Asia in December, supported by a rebound in distillate margins and spot premiums for Middle Eastern oil this month, trade sources said on Friday.

After cutting prices for two straight months, state oil giant Saudi Aramco may raise the official selling price for flagship Arab Light crude by 30 cents to 90 cents in December, six respondents said in a Reuters survey.

The price hike comes as refiners are cranking up output to meet higher demand as countries ease Covid-19 movement restrictions while oil consumption in power sector is rising amid a global crunch in coal and natural gas. —Reuters

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