Saudis Boost Most Oil Prices to Asia, Europe as Market Tightens
- Aramco price hike comes after Saudis extend curbs to supplies
- Flagship Arab Light crude to Asia increased by 30c/bbl
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Saudi Arabia raised nearly all oil prices for September to Asia and Europe as supply restrictions and rising demand tightens the crude market.
State-owned Saudi Aramco raised the price for Arab Light crude for sale to Asia by 30 cents to $3.50 a barrel above the benchmark, according to a price list seen by Bloomberg. The producer was expected to raise pricing by 50 cents a barrel, according to the median of a survey of refiners and traders.