Saudis Raise Oil Prices After OPEC+ Fails to Add Supply

Aramco raises Arab Light crude by 80 cents a barrel for Asia
OPEC+ called off meeting Monday after Saudi-UAE standoff

WATCH: FGE Chairman Fereidun Fesharaki thinks oil prices can temporarily hit above $80 but will cool down to the mid-$60 level next year.(Source: Bloomberg)

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By Serene Cheong, Sharon Cho, and Anthony Di Paola

July 6, 2021 at 9:08 AM UTC

Updated on

July 6, 2021 at 10:28 AM UTC

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Saudi Arabia raised oil prices for buyers from Asia to the U.S. for August after OPEC+ talks broke down just as the market was clamoring for more supply.

The Saudis, along with Russia, sought over the past week to rally other members around a plan to unwind production cuts incrementally and to extend their accord through to the end of next year. The proposal collapsed when the United Arab Emirates balked at keeping in place what it says is an unfair production baseline for its quota for longer.