Daily Management Review

Bloomberg: Saudi Aramco may raise oil prices for Asia


Saudi Arabia's state-owned oil and gas company Saudi Aramco could raise August oil prices for Asian buyers, according to Bloomberg’s survey.

Most analysts polled by the agency expect Saudi Arabia to raise the selling price of Arab Light, the basis for pricing other grades, by $0.65 a barrel for Asian buyers - it will now be $2.55 higher against the Oman/Dubai basket.
However, one of the interviewed experts expects the selling price to rise by $0.7, two others - by $0.4 and $0.45 respectively.
Saudi Aramco's official data will be released in the first days of next month. Saudi Arabia earlier raised July prices for Asian buyers by $0.2 a barrel, while analysts polled by the agency had expected an increase of $0.1.
Saudi Aramco, Saudi Arabia's national oil and gas company, was founded in 1933. It is headquartered in Dhahran. The company has a presence in the three major global energy markets of Asia, Europe and North America. It employs more than 70,000 people.

source: bloomberg.com