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Saudi Arabia Raises Crude Prices

Oil

Saudi Arabia has raised its July official selling price for all its crude grades to Asian customers by more than expected, newswires report. It also increased prices to the US and Europe. Meanwhile, Saudi Arabia’s energy minister has stated his country’s crude production was below 10M b/d in May, below its quota of 10.058M b/d under the output cut agreement. The Kingdom has cut more than its quota for five months in a row, the only country to do so, reports Platts.