Major Opec producers, cued by Saudis, raise Asia crude pricing

Crude prices jumped after Saudi Arabia announced plans last week to cut production by 1 million barrels in February and March. The kingdom’s state-run producer Saudi Aramco followed that shock move by boosting prices for all February crude sales to Asia as well as the US. (File pic - Saudi Aramco oil production)

ABU DHABI: Three of Opec’s biggest oil producers raised monthly pricing for shipments to Asia, their largest regional buyer, after markets tightened on Saudi Arabia’s plan to slash output.

Iraq, Abu Dhabi and Kuwait all raised pricing for February sales to Asia, taking their cue from the Saudis, who announced a similar increase last week. Iraq is the largest producer in the the Organisation of Petroleum Exporting Countries (Opec) after Saudi Arabia.