Saudi Arabia has raised its official selling prices for oil deliveries to Asia in September, Commerzbank’s commodity analyst Carsten Fritsch notes.
Buyers of Russian oil likely to look for other major suppliers
“The price premium for Arab Light compared to the Oman/Dubai benchmark will increase by $1 to a five-month high of $3.2 per barrel. The increase was in line with expectations. Despite rising supply, Saudi Arabia appears to be finding sufficient buyers for its oil.”
“Given the pressure from the US on buyers of Russian oil, these are likely to look for oil from other major suppliers, including Saudi Arabia. Customers in the US will also have to pay slightly more than in the previous month. In contrast, the OSPs for customers in Europe have been lowered. However, these had been raised significantly in the two preceding months.”