Saudi Arabia, the world’s largest oil exporter, raised pricing for July sales of all crude grades to Asia, the USA and Northwest Europe as it seeks to take advantage of increased demand after suppliers extended production cuts to help curb a global glut, according to Bloomberg.
In addition, Saudi Aramco, increased official pricing for Arab Light crude to Asia by $0.6, to $0.25 a barrel less than the regional benchmark. The company had been expected to increase the grade’s pricing by $0.30 a barrel for buyers in its largest market. Aramco boosted pricing due to higher demand and better profits for refiners in the region.
In addition, Aramco raised its Arab Light OSP to Northwest Europe by $0.35 a barrel for July from the previous month to a discount of $3.10 a barrel to the ICE Brent Settlement.The Arab Light OSP to the United States was set at a premium of $1.10 a barrel to the Argus Sour Crude Index (ASCI) for July, up $0.50 a barrel from the previous month, Reuters informed.