Yesterday at 3:01 PM
Saudi Arabia raises August oil prices for Asia by $1 per barrel
Saudi Arabia has increased official prices for its benchmark crude oil for Asian buyers next month. The price hike exceeded market expectations, demonstrating Riyadh's confidence in the oil market's resilience and its ability to absorb growing OPEC+ supply.
State-owned Aramco will raise August prices for its Arab Light crude by $1 per barrel, lifting the premium to the regional benchmark to $2.2 per barrel. Asian refiners were surprised by the sharp increase, as they anticipated a rise of about $0.65, Bloomberg reports.
Meanwhile, OPEC+ led by Saudi Arabia continues to pump additional crude into the market. The alliance members agreed to increase oil production by 548,000 barrels per day in August, citing stronger seasonal fuel demand during summer months.
However, Wall Street analysts including JPMorgan Chase & Co. and Goldman Sachs Group Inc. warn of potential oil oversupply, forecasting prices could drop to $60 per barrel in Q4 2025.
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