Saudi Arabia May Increase Petroleum Prices in August to Almost Record Levels in Asia.

According to Reuters, the main oil exporter in OPEC, Saudi Arabia, prices of light crude grades to Asia are expected to increase for a second consecutive month in August.

June 30, 2022 - 12:25 PM 236 views

Saudi Arabia May Increase Petroleum Prices in August to Almost Record Levels in Asia.

Market News

© Saudi Arabia May Increase Petroleum Prices in August to Almost Record Levels in Asia.

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According to Reuters, the main oil exporter in OPEC, Saudi Arabia, prices of light crude grades to Asia are expected to increase for a second consecutive month in August.

Saudi Arabia's price increase this month is the result of record distillate margins and high spot premiums for Middle Eastern oil.

Additional Information

According to nine refinery sources surveyed by Reuters on June 28 and 29, the official selling price (OSP) for Saudi Arabia's flagship Arab Light crude might increase by roughly $2.4 per barrel from the previous month.

The increase in price would bring the August OSP very near records that were achieved in May when the price of Arab Light crude reached $9.35 per barrel.

The Market Response

At $108.80, WTI was last spotted up 0.48 percent for the day.

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