Saudi Arabia Raises Price of Its Light Arab Crude
July 6, 202557 ViewsRead Time: 1 minutes
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According to a document seen by Reuters today, Saudi Arabia has raised the official selling price for its light Arab crude to Asia in August by $2.20 above the Oman/Dubai average prices.
This raises the August price by one dollar per barrel from July for light Arab crude, making it the highest since April when the selling price was $3.50 above the Oman/Dubai average prices.
The document shows that Saudi Arabia has set the official selling price for light Arab crude to Northwest Europe in August at $4.65 above the Brent crude price on the Intercontinental Exchange and to the United States at $3.90 above the Argus index for high-sulfur crude.
The Kingdom has also raised the prices of very light Arab crude for August by $1.30 per barrel and heavy Arab crude by 90 cents.
These steps come a day after the agreement of eight OPEC+ alliance member countries to increase production by 548,000 barrels per day in August, contributing to accelerating the pace of production increases.
This raises the August price by one dollar per barrel from July for light Arab crude, making it the highest since April when the selling price was $3.50 above the Oman/Dubai average prices.
The document shows that Saudi Arabia has set the official selling price for light Arab crude to Northwest Europe in August at $4.65 above the Brent crude price on the Intercontinental Exchange and to the United States at $3.90 above the Argus index for high-sulfur crude.
The Kingdom has also raised the prices of very light Arab crude for August by $1.30 per barrel and heavy Arab crude by 90 cents.
These steps come a day after the agreement of eight OPEC+ alliance member countries to increase production by 548,000 barrels per day in August, contributing to accelerating the pace of production increases.
