Aramco Raises Asia, U.S. Oil Prices in Sign Demand Seen Rising - Bloomberg

Aramco Raises Asia, U.S. Oil Prices in Sign Demand Seen Rising - Bloomberg

Saudi Arabia raised oil for prices for buyers in Asia and the U.S. for September in a sign the world’s largest crude exporter sees demand continuing to recover despite a surge in coronavirus cases in some of the world’s main energy importers.

OPEC+, the oil-producers’ group led by the Saudis and Russia, agreed last month to ramp up production over the rest of the year and supply a market that most analysts see as facing a dearth of barrels amid a global economic recovery from the worst of the pandemic.

Saudi Aramco will increase its key Arab Light grade for Asia by 30 cents from August to $3 a barrel above the state company’s benchmark, according to a statement. That’s slightly less than the 50-cent increase seen in a Bloomberg survey. Aramco is raising pricing for other grades to the region by between 20 and 60 cents.

Saudi Arabia sends more than 60% of its crude exports to Asia, with China, South Korea, Japan and India the biggest buyers.