Saudi Arabia Increases Its Oil Prices By Most In Two Decades

Saudi Arabia sharply raised its official selling prices for crude oil, removing almost completely the deep discounts it had in place to preserve its market share during the price war it waged on Russia in March. Bloomberg cites a pricing list of Aramco, which reveals the target of the price hikes will be Asia: the Saudis’ largest export market. The list, according to the report, reveals the sharpest price hike in at least twenty years, which in turn followed the sharpest cut in prices in 30 years. The hike comes on the heels of an agreement…