Saudi Arabia raises July flagship crude price for Asia to 6-month high
Saudi Arabia, the world’s top oil exporter, raised the prices of its flagship crude Arab Light to Asian buyers in July to a six-month high, following its pledge on Sunday to make a deep cut to its production next month.
The official selling price (OSP) for July-loading Arab Light to Asia was increased by 45 cents a barrel from June to $3.00 a barrel over Oman/Dubai quotes, according to a statement issued by state oil giant Saudi Aramco.
The price hike came after Saudi Arabia unexpectedly announced its biggest reduction in years of an extra output reduction of 1 million barrels per day (bpd) in July, bringing the kingdom’s output to 9 million bpd next month from around 10 million bpd in May.
