Saudi Arabia raises oil prices to Asia
Price increase was largely anticipated by the markert
Top oil exporter Saudi Arabia has raised the prices for most of its crude oil to Asian customers in August for a second month, after its announcement of prolonging an extra output cut on top of a broader OPEC+ deal.
Saudi Aramco hiked the official selling prices (OSP) for August-loading Arab Light to Asia by 20 cents a barrel from July to $3.20 a barrel over Oman/ Dubai quotes, the state oil giant said in a statement.
The price increase was largely anticipated by the market, although some Asian refiners surveyed by Reuters before Saudi Arabia’s pledge to extend the production cut were expecting a price cut of about 50 cents amidst poor refining margins and competition with crude from other regions.
Published in The Express Tribune, July 8th, 2023.
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