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  • 06-06-22

    Bloomberg: Saudi Arabia increases oil costs over expectations as Asia improves

    (MENAFN) Bloomberg mentioned in a report that Saudi Arabia, the world’s largest oil exporter, increased oil costs for its biggest market in Asia more than anticipated as main markets in the area reduced COVID-19 sanctions, increasing increase request.

    The raise for July shipments continues a series of surges that started in February and were only stopped when state producer Saudi Aramco cut costs from record levels a month ago.

    In line with a Bloomberg survey of refiners and traders Aramco increased its main grade for Arab Light crude for Asian clienteles by USD2.10 per barrel from June to USD6.50 beyond the benchmark it uses, as the market anticipated a rise of USD1.50.

    Aramco also gained all grades for the north west Europe and the Mediterranean area, whereas costs for US customers stayed level for the second consecutive month.

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