The world’s largest crude oil exporter will price Arab Light for Asia at $10.80 a barrel.
Saudi Arabia will raise the price of Arab Light oil for Asian buyers, despite forecasts that the oil market could sink in September. Bloomberg reported this.
The world’s largest crude oil exporter is expected to price Arab Light for Asia at $10.80 a barrel.
A drop in margins for Asian refiners means such an increase could dampen any requests for additional barrels, traders said.
It noted that in early July, state-owned Saudi Aramco reported that in August Arab Light was worth $9.3 a barrel more for Asian buyers than a basket of oil from Oman and Dubai. Thus, the price increase may reach $1.5 per barrel.
As traders say, the profitability of Asian refineries is declining and rising Saudi oil prices may limit demand for it. And that in October, the value of Middle Eastern oil may drop.
It will be remembered that the price of oil has fallen sharply with the decrease in demand
It was also reported that European energy companies began to receive profits related to the increase in oil and gas prices. The increase in prices for energy resources was provoked, in particular, by the consequences of Russia’s invasion of Ukraine.
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Source: korrespondent
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