Is Oil Going Back Towards $100 a Barrel? World’s Largest Exporter Saudi Aramco Raises Prices As Crude Oil Soars
Saudi Aramco, the world’s largest oil exporter, has pushed up prices as the value of crude oil rises.
Brent oil rose above $93 (£68.70) a barrel last Friday, its highest level in seven years, as tight supply and the lifting of pandemic restrictions sparked a spike in demand. The price has risen by a third in six months.
In response, Aramco, which is largely owned by the Saudi government, has increased prices for its customers in Europe, the US and Asia.
Asia is Aramco’s largest export market with over 60 percent of shipments. The largest Asian buyers are China, India, Japan and South Korea.
The company is also leading the way for prices from other producers in the Middle East, signaling that a broader round of price hikes is on the way.
Price hikes threaten to hurt more for major oil-consuming countries like the UK and US.
Increases are likely to push pump prices even further, with unleaded UK still hovering around its November record high of over 147 pence per litre.
Some analysts predict that Brent oil will top $100 a barrel this year.