Saudi Arabia, the world’s top oil exporter, raised crude oil prices for Asian buyers in August to near-record levels amid tight supply and robust demand.
The official selling price (OSP) for August shipment of Arab Light-type crude to Asia was raised by US$2.80 per barrel, to US$9.30 per barrel above Oman/Dubai quotations, the state-owned company said. oil company Saudi Aramco on Monday (4).
The price level is close to the record premium of US$9.35 per barrel reached in May.
The price increase was in line with market forecasts collected by Reuters, of an increase of about $2.7 a barrel.
OPEC+ has decided to keep its planned August production increase despite calls from major economies, including the United States and the United Kingdom, to pump more oil as countries scramble to curb soaring energy prices and rein in inflation.
While OPEC’s two main producers — Saudi Arabia and the United Arab Emirates — have signaled limited idle capacity to increase production further, supply disruptions in Libya, Nigeria and Norway could challenge existing plans to boost production.
Demand for crude in Asia, however, has been strong, with refining margins for gasoline, diesel and jet fuel hitting record highs as people take more road trips over the summer and businesses reopen after lockdowns.
The OSP for Arab Extra Light crude was up $3.50 to $10.35 a barrel, beating the previous record of $9.60 in May.
Source: CNN Brasil
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