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Saudi Aramco Raised Nearly All September Crude OSPs

OIL

Saudi Arabia raised nearly all oil prices for September to Asia and Europe as supply restrictions and rising demand tightens the crude market.

  • Saudi Aramco raised the price for Arab Light crude for sale to Asia by 30 cents to $3.50/bbl above the benchmark.
  • Nearly all official selling prices to the Mediterranean and Northwest Europe were higher for September. Arab Light crude in the Mediterranean was raised by $1 to $4.50/bbl more than ICE Brent, while the price for the same grade to Northwest Europe was raised by $2 to a premium of $5.80/bbl to the benchmark.
  • Aramco kept all the prices to the US unchanged for September.
  • The price hike was following last week’s announcement by the Kingdom to extend its voluntary output cut of 1mbpd into September, while it noted it could further extend or deepen existing cuts.
Energy BulletsCommodities
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