Saudis make biggest oil price hike in 20 years after OPEC+ cuts

Saudis make biggest oil price hike in 20 years after OPEC+ cuts

Brent crude, down 36 per cent this year, has clawed back some of its losses and ended trading on Friday at more than $40 a barrel. Saudi Arabia made some of the biggest price increases for crude exports in at least two decades, doubling down on its strategy to bolster the oil market after OPEC+ producers extended historic output cuts.. Overall, the increases for Saudi crude erase almost all of the discounts the kingdom made during its brief price war with Russia.. Saudi Arabia unleashed a price war in March when it slashed official selling prices by the most in three decades..