Saudi Arabia has announced an increase in the official price for September shipments of its Arab Light crude oil to Asia, setting it at a premium of US$2 per barrel above the Oman/Dubai average. This marks a month-on-month rise of US$0.20 per barrel, reaching a two-month high but falling short of market expectations. Additionally, the kingdom has raised premiums for other types of light crude oil to Asia for the upcoming month, while maintaining price premiums for medium and heavy crude oil types.
Conversely, Saudi Arabia has reduced additional premiums over Brent oil futures for shipments to Northwest Europe and the Mediterranean by US$2.75 per barrel across all grades of crude oil.
Meanwhile, during the OPEC+ meeting held on August 1, it was decided to maintain the current production policy, which includes resuming part of the halted production output starting from October.
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