In particular, the price of Arab Light oil for Asian customers will rise in July, this will be a record increase in cents for 20 years.
In July, Saudi Arabia will raise prices for all brands of oil for all buyers. This was announced by state-owned company Saudi Aramco on Monday, June 8.
At the same time, prices for Asia, the largest regional market of Saudi Aramco, will rise most significantly – by $ 5.6-7.3 per barrel. Taking into account the July increase, the previous price reduction will be almost completely leveled.
It is noted that the price of Arab Light oil for Asian customers will be increased in July by $ 6.1 per barrel, which is the highest increase in 20 years, Bloomberg reports. As a result, it will cost $ 0.2 per barrel more than a basket of oil from Oman and Dubai.
In addition, for buyers from North-Western Europe, “light” oil will rise in price by $ 4 (a discount of $ 0.3 per barrel to the Brent brand on the ICE exchange), for American customers – by $ 0.6 per barrel (premium of $ 1.35 per barrel to ASCI).
Recall that the Saudis record overfulfill the OPEC + deal. The goal of Saudi Arabia is to provide additional reductions to stabilize the global oil market.