Saudi Arabia’s national oil company, Aramco, raised prices for oil supplies to customers in Asia by $2.1 in July, higher than expected.
The company’s official selling price for the month of July for the Asian market increased by $2.1. At the same time, Reuters indicated that most traders expected the company to raise prices by a maximum of $1.5.
The agency added that the oil company decided to raise prices against the backdrop of the disruption in the balance of supply and demand in the summer. In addition, the selling price also increased to buyers from Northern Europe and the Mediterranean, by $2.2 and $2 per barrel, respectively. For the United States, prices remain the same.
The authors of the article indicated that Saudi Aramco decided to raise prices, even though the OPEC + countries decided to increase their oil production in June by 648,000 barrels per day. Such a decision may come amid news of a partial oil embargo from Russia.
On May 9, Bloomberg reported that Saudi Arabia cut oil prices amid new measures to combat the Corona virus in China due to a new outbreak.
The Saudi Aramco oil company also decided to cut prices due to the difficulty of placing supplies amid the Russian operation in Ukraine.
