Saudi Arabia Starts New Bull Run In Middle East Oil

Market tightness is the new byword on the global crude markets, though this given bout of supply scarcity (luckily) bears all the traits of a forethought and premeditated one. Saudi Aramco has sent a strong signal to the market with its February 2021 official selling prices, surpassing market expectations. All Asia-bound grades were hiked by 20-70 cents per barrel, with steeper increases in the light range (Arab Light saw the biggest month-on-month move). Combined with turnaround in Japan and China assumed to take place in February and Saudi Arabia’s…