Saudi Arabia Raises Oil Prices to Asia in Sign of Faith in Demand

Arab Light price in Asia rises for first time in three months
Kingdom also cuts Europe selling price by most since pandemic

Saudi Aramco raised the September official selling price of Arab Light crude for customers in Asia by 20 cents. — Saudi Aramco raised the September official selling price of Arab Light crude for customers in Asia by 20 cents.
Photographer: Simon Dawson/Bloomberg

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By Sherry Su and Alex Longley

August 4, 2024 at 3:50 PM EDT

Updated on

August 4, 2024 at 4:48 PM EDT

This article is for subscribers only.

Saudi Arabia raised the price of its flagship crude to Asia for the first time in three months, a tentative sign that the kingdom remains confident about demand in the world’s largest importer.

State-owned Saudi Aramco raised the September official selling price of Arab Light crude for customers in Asia by 20 cents to $2 a barrel above the regional Oman-Dubai benchmark, according to a price list seen by Bloomberg. Still, it was less than the increase of 50 cents forecast in a Bloomberg survey of five traders and refiners.