Saudi Arabia Increases Export Oil Prices
Saudi Arabia has sharply increased export prices for its own oil, and the growth was even more serious than analysts expected. Such an increase may be a signal that prices for the world's main natural resource will continue to rise.
Exchange oil prices are the most important indicator of the state of affairs in the oil market. Nevertheless, the value of different brands is used more often for transactions with securities in the stock market than for physical transactions for the delivery of a product. Different countries and companies tend to tie the cost of their raw materials to different marker varieties, but there is almost always a difference.
Saudi Arabia raised prices just days after US President Joe Biden's calls to Riyadh and Moscow to increase oil supplies to the world market. OPEC + again decided to step back and maintain the existing rates of increasing supplies. Thereafter, the world's largest oil exporter decided that the iron should be forged while it was hot. It should be noted that other countries of the Persian Gulf in their pricing policy almost always follow the wake of Saudi Arabia. There is every reason to believe that they will also raise their export prices for Asia, where due to the energy crisis, which is manifested in a sharp rise in prices for natural gas and coal, oil, which is in many cases a substitute product, is also becoming more expensive.