Dubai — Saudi Arabia, the world’s largest oil exporter, raised pricing for sales of all crude grades to Asia for July amid higher demand and better profits for refiners in the region, according to a person with knowledge of the situation. State-owned Saudi Arabian Oil, known as Saudi Aramco, increased official pricing for Arab Light crude to Asia by 60c, 25c a barrel less than the regional benchmark, said the person who asked not to be identified because the information is not public. The company had been expected to increase pricing by 30c a barrel to Asia, according to a median independent estimate. The Organisation of Petroleum Exporting Countries and partners, including Russia, agreed on May 25 to extend production cuts for another nine months to reduce global inventories. While Saudi Arabia’s Energy Minister Khalid Al-Falih said the cuts are working and predicted global inventories would fall to the five-year average in early 2018, American drillers continue to add rigs to shal...
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