Saudi Arabia Might Raise the Selling Price of Crude Oil to Asia for August

According to Reuters, Saudi Arabia may raise its August official selling price (OSP) for crude oil sold in Asia. That would be the third monthly price hiking due to an increase in Middle East benchmarks and a rebound in Asian refining margins.

As of August, Middle East crude supply may increase as OPEC and Russia are likely to ease record cuts in oil production.

On the other hand, Reuters cited OPEC+ sources saying that there were no discussions regarding extending record cuts until Augusts.