Strong demand may drive Saudi Arabia to boost the official selling of Arab Light for Asian buyers for the fifth month in a row.
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Last month, Saudi Arabia raised the official selling price for Arab Light for Asia by $0.10 cents per barrel to $3.60 a barrel over the Oman/Dubai average, the Middle Eastern benchmark, off which grades going to Asia are being priced. “We do not believe that the group will change its output policy,” ING said in a note, referring to the common OPEC+ policy on production.
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