Saudi Arabia hikes most August oil prices to Asia after supply cuts – Reuters

Saudi Arabia hikes most August oil prices to Asia after supply cuts – Reuters

July 6 (Reuters) - Top oil exporter Saudi Arabia has raised the prices for most its crude oil to Asian customers in August for a second month, following its announcement of prolonging an extra output cut on top of a broader OPEC+ deal.

State-owned Saudi Aramco hiked the official selling prices (OSP) for August-loading Arab Light to Asia by 20 cents a barrel from July to $3.20 a barrel over Oman/Dubai quotes, according to people familiar with the matter.

The price increase was largely anticipated by the market, although some Asian refiners surveyed by Reuters before Saudi Arabia's pledge to extend the production cut were expecting a price slash of about 50 cents amidst poor refining margins and competition with crude from other regions.