ICYMI: Saudi Arabia lowered some July price of crude for Asia, raised for Northwest Europe

Saudi Arabia state-owned oil company Saudi Arabian Oil Co. (Aramco) lowered its official selling price for July loadings of Arab Light to Asia to $1.20 a barrel above the Oman/Dubai average, $1.40 in June.

Aramco’s latest pricing moves suggest a softer demand outlook in Asia, with cuts across its light and medium crude grades, while the price for Arab Heavy remained unchanged.

In contrast, the company raised its prices to Northwest Europe and the Mediterranean by $1.80 per barrel. U.S. buyers saw modest increases of $0.10 for Arab Extra Light and Light, with no change to Medium and Heavy grades.

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The decision came just as OPEC+ members agreed on Saturday to step up production for a third straight month in July, adding to concerns of a supply glut amid an uncertain demand environment.

This article was written by Eamonn Sheridan at www.forexlive.com.