The Strategist

UAE raises oil prices following Saudis

01/11/2021 - 02:41

Abu Dhabi National Oil Company (ADNOC) is raising February oil prices following Saudi Arabia, Bloomberg reported.

Tony Hisgett
Tony Hisgett
According to the agency, ADNOC set the February price for Murban crude at a premium of 75 cents, which is 25 cents more than in January.

The agency earlier reported that Saudi oil and gas company Saudi Aramco raised February oil prices for Asian buyers.

OPEC+, following its meeting on 5 January, has set the parameters of its deal for two months: the current terms of the agreement have been extended for almost all countries. 

However, Russia and Kazakhstan were allowed to increase production in February and March, while Saudi Arabia and a number of other participants, in contrast, decided to cut production further.