Saudi Arabia, the world's biggest oil exporter, may raise its price for Arab Light crude for sale to Asian refiners for a third month as its voluntary output cuts may be extended, further tightening the supply of high-sulphur, or sour, crude.
State-owned Saudi Aramco may raise the official selling price for its flagship Arab Light crude in September by about 45 cents from August to $3.65 a barrel above Oman/Dubai quotes, which would be the grade's highest premium this year, a Reuters survey of five refining sources showed.
to include September when OPEC+ holds its monthly Joint Ministerial Monitoring Committee meeting on Aug. 4. Backwardation is the pricing structure where prices for prompt supply are higher than those in future months, suggesting less supply and higher demand for oil. The backwardation in the spread widened by 43 cents a barrel in July, indicating the OSP will rise by a similar amount.
Most of the survey respondents expected Saudi Arabia to raise prices for heavier grades Arab Medium and Arab Heavy by more than Arab Extra Light as the light crude is oversupplied.
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