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Saudi Arabia may raise crude oil prices to Asia in September.
On August 1st, Jin10 Data reported that traders said on Thursday that Saudi Arabia may raise its crude oil prices sold to Asia for the first time in three months in September. Four refining industry sources said in a Reuters survey that the official selling price (OSP) of Arab light crude oil shipped to Asia in September is expected to increase by pump 50-80 cents per barrel from last month. Five OPEC sources told Reuters that despite the recent sharp drop in oil prices, the committee is unlikely to make any changes to the current production cut protocol and begin to cancel some of the production cuts since October.