"Aramco" Saudi Arabia raises oil prices to near record levels

The Saudi state oil and gas company Saudi Aramco has increased selling prices for oil to Asia for deliveries for the month of August, US media reported, citing sources.

The kingdom, the world’s largest oil exporter, raised prices for August deliveries to Asian buyers to near-record levels in light of low supply and strong demand.

Official sales of Arab Light oil to Asia for August 2022 were up $2.8 per barrel from July 2022 levels, with a $9.3 per barrel premium over the Oman/Dubai basket price.

The premium is close to the record premium recorded in May last year at $9.3 per barrel.

Source: Prime