Saudi Arabia Hikes Its Oil Prices as Supply Cuts Extended
- Europe, Mediterranean bear the brunt of Aramco increases
- Flagship Arab Light price to Asia is also lifted unexpectedly
This article is for subscribers only.
Saudi Arabia issued big price increases for its crude to Europe and the Mediterranean, while also unexpectedly lifting the cost of supplies to Asia, a move that risks stifling demand for the kingdom’s barrels.
State-owned Saudi Aramco raised the prices of all grades to the US, northwest Europe and the Mediterranean, for next month compared with July, according to a price list seen by Bloomberg. It also boosted its flagship Arab Light price to the key demand region of Asia, contrary to expectations in a Bloomberg survey.