Top oil exporter Saudi Arabia has raised the prices for most its crude oil to Asian customers in August for a second month, following its announcement of prolonging an extra output cut on top of a broader OPEC+ deal.State-owned Saudi Aramco hiked the official selling prices (OSP) for August-loading Arab L
Top oil exporter Saudi Arabia has raised the prices for most its crude oil to Asian customers in August for a second month, following its announcement of prolonging an extra output cut on top of a broader OPEC+ deal.
The price increase was largely anticipated by the market, although some Asian refiners surveyed by Reuters before Saudi Arabia's pledge to extend the production cut were expecting a price slash of about 50 cents amidst poor refining margins and competition with crude from other regions. The de facto leader of OPEC+ group raised its July OSPs to Asia last month shortly after it unexpectedly vowed a 1 million bpd voluntary in July.
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