Saudi Arabia Raises Oil Prices to Asia on Strong Demand and Tight Supply

Saudi Arabia, the world’s top oil exporter, on Wednesday raised its September crude prices for Asian buyers for a second consecutive month, citing tight supply and strong demand. State oil giant Aramco lifted the official selling price (OSP) for its flagship Arab Light crude by USD 1 to USD 3.20 per barrel above the Oman/Dubai average. Prices for other grades—Arab Extra Light, Medium, and Heavy—rose by 70 cents to USD 1.20. Aramco also raised prices for U.S. buyers but lowered them for European buyers. The move comes after OPEC+ agreed to a 547,000 barrels per day output hike in September, though traders say the market remains tight. Aramco’s monthly pricing decisions help set the tone for around 9 million barrels per day of crude exports to Asia.