Saudi Arabia raises oil prices to Asia
Saudi Arabia confirmed on Sunday it would continue with its additional voluntary cut of 1 million barrels per day (bpd) in December. PHOTO: Reuters/FILE
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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