Saudi Arabia 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, the state oil giant said in a statement. Saudi Arabia on Monday announced it would draw out its 1 million barrels-per-day voluntary cut to oil production to August and left the door open to extending the trim further. The more expensive Saudi oil could lead Asian refiners to seek alternatives from other suppliers, impacting refining margins in the region.
- Saudi Arabia hikes most August oil prices to Asia after supply cuts