Saudi Arabia is going to slightly increase its prices for supplies of crude oil to Asia, after those prices were actually reduced earlier. The step may indicate that demand for Saudi oil is picking up from Asia.
These are deliveries scheduled for November. The prices for deliveries in September and October were reduced earlier. Asia is the main market for the Saudi state oil group Saudi Aramco.
Saudi Arabia’s pricing is usually followed by other oil producers in the Middle East such as Iraq and the United Arab Emirates.