Saudi Arabia Hikes Oil Prices More Than Expected for Second Straight Month as Market Tightens
• Saudi Arabia hiked the price of Arab Light crude for May by $0.30 per barrel, more than expected, for the second straight month • The price hike comes as Middle East benchmarks strengthen in an increasingly tight oil market • Saudi oil pricing follows the OPEC+ decision to maintain current output policy through first half of 2024 • Reuters survey showed expectations of a $0.20-0.30 per barrel price increase for Arab Light in May • Bloomberg survey expected a smaller $0.10 per barrel price hike