Saudi Arabia raises September crude prices to Asian buyers

REUTERS

The price increase came below market forecasts of $0.70 to $1 a barrel

Staff Writer, Arab Finance

PHOTO

Saudi Arabia has raised crude oil prices for September to the Asian markets, Reuters reported on August 4th.

The official selling price (OSP) of the Arab light crude for July to Asia rose by $0.50 per barrel (pb) to $9.80 pb, as compared to August.

The price increase came below market forecasts of $0.70 to $1 a barrel.

The OSP for Arab Extra Light increased by $0.30 to $10.95 pb, while the Arab Medium rose $0.60 to $7.75 a barrel.

The OSP hikes came after the OPEC+ agreed to raise oil production goal by 100,000 barrels per day (bpd) starting September.

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