Saudi Aramco announces an increase in the official selling price of oil

The Kingdom of Saudi Arabia announced on Friday that it will raise the selling prices of its crude oil to most of its customers in Asia during the month of August, for the second month in a row, after announcing at the beginning of this week the extension of the decision to cut voluntary production during the same month.

The state oil giant, Saudi Aramco (2222), said in a press release that it had raised its official selling prices for August by 20 cents a barrel from its previous levels in July to $3.20 a barrel, compared to prices for both Oman and the UAE.

Saudi Aramco indicated in the statement that it had kept the selling price of Arab Light crude to Asia unchanged in August at $2.55 a barrel, but raised the selling prices of Arab Medium and Arab Heavy crude by 20 cents.

As for other regions, Saudi Arabia increased the official selling price of Arab Light crude K for August to northwest Europe by 80 cents to $3.80 a barrel above the price of Brent crude, and also raised the selling price to the United States by 10 cents during August from the previous month at $7.25. .

Raising prices would put more pressure on already damaged refining margins in Asia, and (2030) could prompt refiners to look for alternatives from other Middle Eastern suppliers, or from regions such as the United States and West Africa.