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Tuesday, January 6, 2009

Saudis set price hike for oil to U.S. and Asia

ABU DHABI — Saudi Arabia has raised the price of crude oil for clients in Asia and the United States.

The state-owned Saudi Aramco said prices for light crude would be increased as of February 2009.

Armaco, which discovered five oil fields in the eastern kingdom, said the price increase was in accordance with an OPEC directive in December 2008 to cut production by up to four million barrels per day.

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The price of crude oil has been hovering around $45, down from nearly $150 in July 2008.

Arab Light oil has been raised for U.S. clients by $2.80 a barrel, Aramco said. Customers in Asia and Europe would pay another 40 cents and 20 cents, respectively.



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