Saudi Arabia raised the prices of its crude oil to most Asian customers in August for a second month as the top oil exporter extended its voluntary production cut of 1 million barrels per day to August.
According to an official statement from Riyadh, the official selling prices (OSP) for August-loading Arab Light to Asia was raised by 20 cents a barrel to $3.20 a barrel. The increase was largely expected by the market after the announcement of extending its production cut earlier this week.
Prior to the extension of the production cut, some hoped for another reduction of about 50 cents by the top oil exporter amidst poor refining margins and competition with crude from other regions.
