• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 2 days Even Shell Agrees with Climate Change!
  • 8 days America should go after China but it should be done in a wise way.
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 4 days World could get rid of Putin and Russia but nobody is bold enough
  • 7 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Saudis Raise Oil Prices To Asia As Demand Spikes

Emboldened by strong prompt demand amid tighter oil supply due to the U.S. sanctions on Venezuela and Iran, the world’s top oil exporter Saudi Arabia is expected to raise the prices of the crude grades it sells on its premium market, Asia, for July, trade sources told Reuters on Thursday.

If the Saudis do raise next week the official selling prices (OSPs) of all their crude oil grades selling in Asia, this would be the third consecutive month in which Saudi Arabia would have increased the prices of its oil for Asian customers.  

The tighter supply globally has pushed the Middle East crude benchmarks to multi-year highs, so it’s not unjustified for Saudi Arabia to raise its prices again, especially as demand is strong for prompt supply, according to Reuters.

The Saudis could raise the price of their flagship Arab Light crude grade by up to $1 per barrel, which would lift the price to the highest level since January 2014, according to a Reuters survey of four refinery sources.

Saudi Arabia usually sets the OSPs for its crude grades at the start of each month for deliveries for the next month and as a rule, it doesn’t comment on its monthly oil prices. 

Last month, Saudi Arabia increased its prices for all crude grades for Asian buyers with delivery in June as a supply crunch resulting from U.S. sanctions on Iran and Venezuela opened an opportunity to boost revenues.

The price for Arab Light with a June delivery date is now the highest in almost a year, with Arab Medium selling at the highest price since the end of 2013, and Arab Heavy at a six-year high. Heavy grades are in particularly great demand among Asian refiners and supply is falling because of Venezuela’s continued production decline and political woes that are aggravating the situation.

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads from Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News