Saudis Raise Main Oil Prices for Asia While OPEC+ Boosts Output

Saudi Arabia raised prices for its main crude grade for buyers in Asia next month by more than its customers had been expecting, a sign Riyadh is confident the market is strong enough to withstand extra supplies that OPEC+ is adding.

State producer Aramco will raise the price for Arab Light crude, its flagship grade, by $1 a barrel to $2.20 a barrel more than the regional benchmark for Asian customers in August, according to a price sheet from the company seen by Bloomberg. Three refinery officials in Asia expressed their surprise at the size of the increase. Aramco was expected to raise Arab Light by 65 cents a barrel, according to a survey of traders and refiners.