Saudi Arabia Increases Oil Prices for US, Drops Them For Europe

By Jassimran Singh

6 October 2022

Saudi Arabia, who already raised prices for US buyers in September, is raising oil prices again.

Meanwhile, state-run Saudi Aramco lowered their prices in Europe, but left the Asian market largely unchanged.

The price change of oil follows a reduction in production quotas from OPEC+, which the White House says is aligned with Russia.

The cut in production was seen as a defeat for President Joe Biden, who has been pressing OPEC's leader Saudi Arabia to increase production.

Analysts are noting that the recent moves by OPEC coincide with new European sanctions on Moscow's oil and a price cap as well.

"This is hugely political and a very clear signal of OPEC's discontent regarding the price cap," Amrita Sen, chief oil analyst at Energy Aspects, told the Financial Times.