Saudi Arabia has cut its september prices for Asia
The world’s biggest oil exporter, Saudi Arabia, has lowered its prices for September sales to Asia while raising prices to buyers of Europe and the Mediterranean region.
The Arab Light OSP to the United States was set at a premium of $2.85 a barrel to the Argus Sour Crude Index (ASCI) for next month, unchanged from the previous month.
Saudi Arabia's observed exports to China soared to 1.74 million barrels a day in previous month. Meanwhile, the kingdom's shipments to the US appear to have tumbled to 161,000 barrels a day, the lowest during that same period. It raised its September Arab Light OSP for Northwest Europe, setting it at a discount of $0.05 a barrel to ICE Brent, up $2.65 a barrel from August.
Saudi Arabia agreed in July to curb production for nine additional months alongside its OPEC+ partners. ARAMCO has increased their prices for all grades to buyers from Mediterranean , raising Light by $2.70 to a premium of 40 cents over the benchmark.