Saudi Arabia’s Aramco raises Asia, US oil prices in sign demand seen rising

Saudi Arabia raised oil for prices for buyers in Asia and the US for September in a sign the world’s largest crude exporter sees demand continuing to recover despite a surge in coronavirus cases in some of the world’s main energy importers.

OPEC+, the oil-producers’ group led by the Saudis and Russia, agreed last month to ramp up production over the rest of the year. Most analysts still see the market facing a shortage of barrels amid a global economic recovery from the worst of the pandemic.

Saudi Aramco will increase its key Arab Light grade for Asia by 30 cents from August to $3 a barrel above the state company’s benchmark, according to a statement.