Column: Saudi crude oil price hike throws Asian lifeline to U.S. shale - Russell - Reuters:
Saudi Arabia’s decision to jack up the price of its July exports to Asia may have opened the door for U.S. crude oil producers to boost sales to the region that consumes more oil than anywhere else in the world.
State-controlled producer Saudi Aramco hoisted its official selling prices (OSPs) to all regions for July-loading cargoes, but the biggest hikes were for the key Asian region, which takes the bulk of the kingdom’s exports.
Benchmark Arab Light crude was boosted to a premium of 20 U.S. cents barrel over the Oman/Dubai average for July, from a discount of $5.90 in June, a price increase of $6.10.
This was well above the $3.80 a barrel average increase expected by Asian refiners surveyed by Reuters ahead of the June 7 announcement.
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