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UAE hikes export oil prices after Saudi Arabia

United Arab Emirates (UAE) National Petroleum Gas Company ADNOC (ADNOC) announced it would raise oil export prices in February after such a decision took Saudi Arabia, Bloomberg reported, quoted by TASS.
The company set a mark-up of 75 cents for the Moorban oil variety, which is 25 cents more than in January, BTA reports.

At the beginning of the week, Saudi Arabia announced that it was raising February prices for oil exports to consumers in Asia and the US. According to Bloomberg, the kingdom will raise prices for all varieties of oil supplied to those regions.

The national company Saudii Aramco (Saudi Aramco) raises the price of its Light Arab Oil by 1 dollar, which is the highest level since August 2020.

At a meeting on January 5th, OPEC+ countries agreed that Russia and Kazakhstan will be able to increase their yield by 75,000 barrels per day per month in February and March. The production of the other members of the group remains unchanged.

Saudi Arabia will voluntarily cut its oil production by 1 million barrels per day in February and March.


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