Saudi Arabia raised pricing for oil customers in Asia and the U.S. after its shock move this week to cut output sent crude prices climbing. A day after its unilateral decision to slash oil production by 1 million barrels a day next month and in March, the kingdom opted to increase prices for all grades shipped to the two regions in February. State producer Saudi Aramco raised its flagship Arab Light oil to Asia, its biggest market, to $1 above the benchmark, the highest level since August. The increase of 70 cents from January’s shipments was more than the market had expected. The median estimate was for a hike of 40 cents, according to a Bloomberg survey of five traders in late December. Aramco lowered prices for the northwest European and Mediterranean regions, where energy demand has been hit by new coronavirus lockdowns over the past month. It’s the […]