Saudi Arabia raised oil export prices, reinforcing its strategy to strengthen the oil market after OPEC + producers extended historical cuts in oil production, Bloomberg reported.

The sharpest price spike will hit July exports to Asia, the largest regional market for state-owned producer Saudi Aramco.

The sharp rise in prices shows that Saudi Arabia uses all the tools at its disposal to expand the oil market after prices fell in negative territory in April. Following the example of Saudi Arabia - which is the regulator of prices in the Middle East - other manufacturers can also raise prices.