Saudis Raise Oil Prices to Near Record as Demand Seen Robust
- Aramco increases Arab Light grade by $2.80 a barrel for August
- Refiners’ margins have soared since Russia’s attack on Ukraine
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Saudi Arabia increased next month’s oil prices for its biggest market of Asia amid signs that underlying demand remains robust despite growing recessionary concerns.
State producer Saudi Aramco raised its key Arab Light crude grade for Asian customers by $2.80 a barrel from July to $9.30 above the regional benchmark, almost a record high. The move was roughly in line with expectations, according to a Bloomberg survey of refiners and traders last week.