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Saudi Arabia sets near-record high crude prices for August in Asia

Due to a limited supply and high demand, Saudi Arabia, the largest oil supplier in the world, increased August crude oil prices for Asian consumers to nearly record levels.


Saudi Aramco, the nation’s state-owned oil company, announced on Monday that the official selling price (OSP) for August-loading Arab Light to Asia had increased by $2.80 per barrel from July to $9.30 per barrel over Oman/Dubai quotes, coming very close to the record-breaking premium of $9.35 per barrel hit in May.


That was in line with Reuters’ polled market predictions for a rise of about $2.7 per barrel.


OPEC+ has opted to remain with its planned output increase for August despite requests for greater oil production from major economies including the United States and the United Kingdom as they work to lower skyrocketing energy prices and contain inflation. View More


Saudi Arabia and the United Arab Emirates, two of the top OPEC producers, warned that there was little spare capacity to increase output further and that disruptions in the supply in Libya, Nigeria, and Norway would complicate current production-increase plans.


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