World’s biggest oil exporter, Saudi Aramco increased crude oil prices for their customers in Asia. It was followed by price hikes world over, as other Asian grades hiked 40 to 70 cents per barrel. The US prices hiked 30 cents per barrel. While Brent crude had risen 20 cents 2022, reflecting a strong buying force in the market despite the spread of the Omicron variant of the Covid-19 Virus.
Aramco’s decision was followed by Opec’s recent announcement to extend its daily crude production by 4,00,000 barrels next month. Saudi Aramco is a World leader in exports, with their buyers being India, China, Japan and South Korea.