Saudi Arabia Could Set Trend For Higher Oil Prices In June

Saudi Arabia is likely to increase the price for its oil bound for Asia in July, a Reuters survey of five refinery sources showed on Monday.  This is the second consecutive month for oil price hikes in Saudi Arabia, which come on the back of reduced supply out of the Middle East region due to the OPEC+ cuts. The pricing of Saudi crude, typically released around the fifth of each month, generally sets the trend for the pricing for Asia of other Gulf oil producers such as Kuwait, Iraq, and Iran. The pricing of Saudi Aramco, the Kingdom’s…