State-owned Saudi Aramco has raised prices for most of the oil it will ship to Asia in March.

The sale price of a barrel of Arab Light oil for March rose to $2 above the cost of the Oman-Dubai benchmark.

This is 20 cents higher than the February price.

On February 1, the OPEC+ Ministerial Monitoring Committee at a meeting confirmed the agreements on oil production reached at the meeting in October, and did not make a recommendation to change the policy of the alliance.