Saudi Arabia hikes most oil prices to Asia, Europe as market tightens | Bloomberg News

Riyadh may need prices of as much as $100 a barrel to cover government spending, according to Bloomberg Economics.Saudi Arabia raised nearly all oil prices for September to Asia and Europe as supply restrictions and rising demand tightens the crude market.

The move comes after the kingdom, the world’s biggest oil exporter, extended a unilateral supply cut into September and said it could be prolonged further or even deepened. Russia also pledged to reduce its exports. Oil posted a sixth straight weekly gain, the longest winning streak in more than a year, after the Opec+ heavyweights extended the cuts and US stockpiles sank by a record.

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