Singapore — Oil prices rose by more than $1 a barrel on Monday after top exporter Saudi Arabia raised prices for its crude sold to Asia and the US, and as indirect US-Iran talks on reviving a nuclear deal appeared to hit an impasse.
The price hikes were implemented despite a decision last week by Opec and their allies including Russia, a group known as Opec+, to continue increasing supplies by 400,000 barrels per day in January. “It is almost certain that the Iranian situation was discussed, and Saudi Arabia’s approval of the production hike suggests a compromise has been reached and that an improvement in relations with the Biden administration is on the cards.”
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