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  • 07-06-23

    KSA Raises Arab Light Crude Prices to Asian Buyers, Russian Oil Continues to Flood the Market

    (MENAFN) Saudi Arabia has announced an increase in the price of its flagship crude, Arab Light, to Asian buyers for July, reaching a six-month high. According to a statement from Saudi Aramco, the state oil giant, the official selling price (OSP) for July-loading Arab Light to Asia was raised by 45 cents per barrel compared to June, now standing at USD3 per barrel over Oman/Dubai quotes.

    Simultaneously, Russian crude oil continues to flood the Asian market at significant discounts. Preliminary assessments from ship trackers reveal that in May, China and India imported a record-high volume of Russian crude, indicating the sustained popularity of Russian oil in the region.

    In addition to the increase in Arab Light prices, Saudi Arabia also raised the July OSPs of other crude grades to Asia by 45 cents compared to June. Notably, for the second consecutive month, the price for Arab Extra Light remains lower than that of Arab Light, as highlighted in the price document, as reported by Reuters.

    For regions outside of Asia, the top oil exporter, Saudi Arabia, implemented a significant increase in the July Arab Light OSP to northwest Europe. The price was raised by 90 cents, now reaching USD3 per barrel above ICE Brent.

    These adjustments in oil prices reflect the ongoing dynamics in the global oil market, influenced by factors such as supply and demand, geopolitical developments, and competitive pricing strategies. The increase in Saudi Arabia's Arab Light crude prices to Asian buyers signals the country's attempt to optimize its revenue amid changing market conditions.

    Meanwhile, the continuous influx of Russian crude oil into Asia at discounted rates presents a notable alternative for buyers in the region. The competition between major oil exporters and the pricing differentials between their respective crudes can impact the choices made by buyers and influence overall market trends.

    Market participants and analysts will closely monitor the response of Asian buyers to the adjusted prices of Saudi Arabian and Russian crudes, as well as the potential implications for trade flows and regional oil market dynamics.

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