• 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
  • 7 days Does Toyota Know Something That We Don’t?
  • 11 hours America should go after China but it should be done in a wise way.
  • 6 days World could get rid of Putin and Russia but nobody is bold enough
  • 8 days China is using Chinese Names of Cities on their Border with Russia.
  • 10 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 10 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 10 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 8 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 2 hours How Far Have We Really Gotten With Alternative Energy
  • 9 days Putin and Xi Bet on the Global South
  • 9 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 10 days United States LNG Exports Reach Third Place
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
A Ban on LNG Exports Could Boost Carbon Emissions

A Ban on LNG Exports Could Boost Carbon Emissions

President Biden’s recent decision to…

U.S. Oil Drilling Sees 6-Rig Gain

U.S. Oil Drilling Sees 6-Rig Gain

The total number of active…

Saudi Arabia May Raise Oil Prices For Asia Further

Saudi Arabia may hike its official selling price for crude oil sent to Asia for the second month in a row to take advantage of strong premiums for Middle Eastern oil grades and record-high distillate margins, Reuters has reported.

The price for the Kingdom's flagship grade, Arab Light, could cost $2.40 per barrel more in August, according to sources from the refining industry that Reuters polled this week.

"Refining margins are very solid and we expect demand to stay robust in the near term," the sources said.

Saudi Arabia raised its official selling price for July deliveries as China began to reopen after the latest series of Covid-related lockdowns amid strong demand for middle distillates that pushed refiners' margins to a record high.

The price hike for the flagship Saudi grade for July deliveries to Asia was $2.10 per barrel, bringing the total premium of Arab Light to $6.50 per barrel over the Oman/Dubai benchmarks.

Meanwhile, supply on a global level remains tight and is getting even tighter. Libya just announced it would be suspending exports from a key oil terminal as its political crisis continues raging, and Ecuador said earlier this week it might have to suspend all oil production amid anti-government protests.

Meanwhile, it has emerged that the UAE and Saudi Arabia—the OPEC members thought to have the most spare oil production capacity—may actually be much closer to the maximum they can produce than previously believed.

Saudi Arabia will likely announce its official selling prices for August after today's OPEC+ meeting. Changes in the policy of the extended cartel are not likely after last month the members agreed to increase their monthly additions to total output from about 430,000 bpd to 648,000 bpd in both July and August. However, OPEC so far continues to be incapable of adding even the initial 430,000 bpd.


By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | 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