Saudi Arabia Raised Prices for August Oil Supplies
OREANDA-NEWS. Saudi Arabian state-owned oil company Saudi Aramco announced an increase in oil prices in August for Asian countries and official sales prices for Europe and the United States.
This is evidenced by the documents of the company, cited by Reuters agency. Prices for Asia increased by 1 US dollars per barrel, which, according to analysts interviewed by the agency, is due to a recovery in oil demand in Asian countries. It is also specified that the price of Arab Light oil for the United States increased by 0.3 dollars per barrel compared to July prices, and for North-Eastern Europe by 0.4 dollars.
Specialists consider that raising the official sales prices for Saudi oil could stimulate the sale of fuel from stores, which should support prices in the market as a whole.
Last week, The Wall Street Journal wrote that Saudi Arabia threatened to begin a new price war in the oil market if other OPEC members do not adhere to their promises to reduce production.