Saudi Arabia Raises Price of Light Arab Crude

Saudi Arabia has raised the prices of its light Arab crude for Asian buyers in July, following its commitment to a significant reduction in production next month, in addition to the cuts it will implement as part of the OPEC+ agreement to extend production cuts. Informed sources reported that the official selling price of light Arab crude for Asia has increased by 45 cents per barrel compared to June, setting it at a premium of three dollars per barrel above the average of Oman/Dubai.