Asian Buyers Seek Full Saudi Oil Supply Despite Price Hike
- At least 6 refiners to nominate full August volumes: officials
- Arbitrage cargoes from the U.S., North Sea now more expensive
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Some Asian oil refiners are planning to ask for full contractual crude volumes from Saudi Arabia, despite the kingdom jacking up prices for August, as there are few cheaper alternative sources of supply.
Saudi Aramco raised the official selling price for its key Arab Light crude to Asia next month by the most since January after the breakdown of OPEC+ talks to boost output. Alternative grades from the U.S. or the North Sea are currently more expensive, leaving refiners without many options to curb rising costs.